11.12 Thursday market overview: XAU breaks below support; follow the trend and go short
XAU formed a double M-top and pulled back from 4513, tracing an M-top retracement structure. Based on a 1:1 retracement from the head to the neckline, XAU's final target is around 3908.
The Fibonacci 0.618 level from the low to the high is at 3990. The candlesticks have already broken below 0.618, indicating the market may retrace further.
3972 is minor support. With support turning into resistance, go short with the trend on a break below this level, with a stop at 4029 and targets around 3915 and 3890.
A break below support could see XAU retest 3888 for a second test; going short with the trend is entirely reasonable.
For spot trading as well, if spot gold XAU falls below 4000, you can buy in batches and add one lot on a 10% dip to lower your average spot price!
If you're passing by, please take a moment to follow, like, and comment—your support means a lot to me. Thank you! The above information is for chart analysis only and is not intended as a trade execution recommendation;
Follow me so you don't miss out. I bring you the latest news, updates, and price analysis every day, along with the wealth secrets you're looking for. Remember to follow and like #Gate直通IPO第三期Anthropic $XAU
XAU formed a double M-top and pulled back from 4513, tracing an M-top retracement structure. Based on a 1:1 retracement from the head to the neckline, XAU's final target is around 3908.
The Fibonacci 0.618 level from the low to the high is at 3990. The candlesticks have already broken below 0.618, indicating the market may retrace further.
3972 is minor support. With support turning into resistance, go short with the trend on a break below this level, with a stop at 4029 and targets around 3915 and 3890.
A break below support could see XAU retest 3888 for a second test; going short with the trend is entirely reasonable.
For spot trading as well, if spot gold XAU falls below 4000, you can buy in batches and add one lot on a 10% dip to lower your average spot price!
If you're passing by, please take a moment to follow, like, and comment—your support means a lot to me. Thank you! The above information is for chart analysis only and is not intended as a trade execution recommendation;
Follow me so you don't miss out. I bring you the latest news, updates, and price analysis every day, along with the wealth secrets you're looking for. Remember to follow and like #Gate直通IPO第三期Anthropic $XAU
