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11.02 Qiqi on Gold Morning Analysis: An Oversold Bounce Is Underway! The Rebound Should Still Be Viewed as a Correction

After the previous sharp decline, gold prices bounced from oversold levels in early trading, climbing from a low near 3870 to a high around 3901 and currently fluctuating near 3893. This recovery is a corrective move following consecutive steep declines; it is too early to call a trend reversal, and overhead resistance remains.

Short-term indicators are recovering, with the MACD turning from green to red and moving averages beginning to flatten and turn upward. However, the broader bearish structure remains intact. This rebound is better viewed as a pause within the downtrend, with significant resistance overhead, so avoid blindly chasing longs.

Trading strategy: Short-term resistance is in the 3905–3922 range; consider scaling into short positions if the rebound reaches this zone. The first target is 3872, with a break below opening the way toward 3850. Watch support near 3870; if it holds, consider a small short-term long position. Strictly manage position size in a downtrend and maintain defensive risk controls.
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OnchainLedger
18 minutes ago
MACD has turned bullish, but the higher timeframe is still bearish. This kind of corrective move is the hardest to trade and can easily whipsaw you in both directions
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LookAtMySignature.
19 minutes ago
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StableHunter
2 hours ago
Rebounds after consecutive sharp declines usually don't go far; place a short order around 3922, and add to the position if it breaks below 3872
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Stop-LossInTheEveningGlow
2 hours ago
If 3870 holds, short-term longs could be worth trying, but keep your position size light. In this market, a stop-loss is essential
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MSTF30
2 hours ago
Happy Halloween 🎃
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GlassCityAfterTheRain
2 hours ago
First Review
This rebound is fairly weak, and resistance around 3905 is indeed strong. I plan to wait and see
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