GOLD: Resistance Line?
Hello everyone! Today i want to share some macro analysis with you!
1.
Wishing everyone a pleasant weekend! $Gold - main 2512(GCmain)$ $XAU/USD(XAUUSD.FOREX)$
Gold has entered a consolidation phase! As expected, it maintained a wide range yesterday between 4047 and 3972.4. This market environment is actually more suitable for short-term trading!
Looking ahead to next week: Entering November, we anticipate continued cyclical volatility at the beginning of the month.
D1 Chart Analysis: Significant retracement from highs is evident. Gold retreated from its $4381.29 peak, breaching the 0.618 Fibonacci retracement level ($3972.61) but holding above the 0.500 retracement level ($3845.97). MACD forms a bearish crossover with expanding histograms, while RSI drops to 46.35 below the 50 threshold, indicating ongoing bearish momentum. Initial support at $3,973, with strong support at $3,845-$3,850; resistance clusters at $4,050, $4,078, and $4,129.
Monday's opening trade favors short-term sell orders! (Closely monitor news developments over the weekend)
Financial chart displaying XAUUSD gold prices in USD with candlestick patterns over time from late October. Horizontal support and resistance lines marked at levels like 3973 3850 4050 4078 4129. Upward and downward arrows indicate potential price movements including a green arrow at 4050 and red arrow at 3973. Vertical lines at 3800 3850 3900 and bottom volume bars. Date axis from October 21 to October 31 with price scale from 3800 to 4100.
For whom haven't open CBA can know more from below:
🏦 Open a CBA today and enjoy privileges of up to SGD 20,000 in trading limit with 0 commission. Trade SG, HK, US stocks as well as ETFs unlimitedly!
Find out more here：
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
