10.13 Gold Evening Review
Hey folks, good evening! Gold is currently fluctuating around 4181. It bottomed out and rebounded during the day, with the morning low stopping around 4150, then rising to the 4200 level before encountering resistance and pulling back. Overall, it remains in a range-bound pattern.
In the short term, the 1-hour chart entered sideways consolidation after rebounding, with neither the bulls nor bears having an absolute advantage for now; the 4-hour chart is still showing a corrective move following the previous sharp drop, without developing a clear one-way trend. The range-bound pattern remains unchanged.
On the downside, watch the 4165-4170 range for support first. Holding it could provide further rebound momentum; upside resistance is concentrated around 4190-4205, and only a breakout can open up further upside.
For trading, it is recommended to short at 4190-4205, targeting 4155-4170. Enter and exit quickly, and be sure to set a stop-loss and control your position size.
$XAU