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10.16 Friday Market Overview: Has XAU Gold Completed Its Inverted U-Shaped Top Pullback? Is the Rebound Facing Resistance Again?
From the CPI data release to last night's PPI release, XAU plunged under the influence of the news, but the market recovered promptly and showed great strength
Returning to the XAU chart, XAU touched 4207 multiple times without a valid breakout, then formed an inverted U-shaped top and retested around 4072, fully completing the U-shaped top pullback pattern
XAU is temporarily moving sideways in the 4207–4116 range. 4172 is horizontal support and also a confluence with the 0.618 retracement from high to low. The market has now broken above and stabilized at 4172, continuing its rebound
4207, the top of the range, is resistance and also where the U-shaped top is located. Selling pressure here is heavy; trapped longs and shorts lying in wait are likely to converge here, so XAU will most likely fail again when it touches 4207
4116 is support at the bottom of the range. Although price has formed candle-body breaks below it three times, it quickly recovered each time. The market maker is testing the strength of support below and raiding liquidity underneath
Position for a short at 4207 in advance. For a more cautious approach, wait for a candle-body breakout followed by a move back down, then short in the direction of the trend. Stop at 4259, with targets around 4155 and 4116
If you're just passing by, please give me a follow, like, and comment—it's the greatest support you can give me. Thank you! The above is for chart analysis only and not a trade recommendation.
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