October 13 Gold Morning Analysis
Yesterday’s Asian session saw spot gold briefly rise to $4,217 before pulling back from its highs. It then declined steadily during the European and US sessions, reaching an intraday low near $4,154, before edging higher late in the session and ultimately closing near $4,171. On the daily chart, this represented a retracement test of the gains made since last Wednesday.
Fundamentally, gold is still being driven by the tug-of-war between expectations for Federal Reserve rate hikes and the direction of the US Dollar Index. After rebounding yesterday, the US Dollar Index weakened again, but only modestly, failing to provide sufficient upside momentum for gold prices. Meanwhile, US crude oil returned to the $93 level yesterday, while Brent crude rose toward $106. The logic of rising oil prices → stronger inflation expectations → difficulty for US Treasury yields to decline → pressure on gold prices remains unchanged.
Technically, gold prices formed their first bearish candle on the daily chart after two consecutive days of gains, but did not break below the previous breakout platform in the 4150-4160 area. The close also remained firmly above 4170, indicating that this pullback was more of a technical correction than a trend reversal.
In the short-term hourly timeframe, gold prices quickly reclaimed 4170 after retesting 4154, forming a clear long lower-wick structure. The MACD green bars also began to narrow, showing signs of fading bearish momentum; the KDJ indicator formed a golden cross at low levels, while short-term rebound momentum is building.
For today’s trading, it is recommended to focus primarily on buying on pullbacks, with particular attention to whether support in the 4150-4160 area holds. If this area stabilizes and remains unbroken, a small long position may be opened, with a stop-loss below 4140 and a target in the 4190-4200 area.
The above analysis is for reference only and does not constitute any investment advice. Financial markets are highly volatile, and investment involves risks. Please exercise caution when entering the market.#黄金 #伦敦金 $XAUUSD
Yesterday’s Asian session saw spot gold briefly rise to $4,217 before pulling back from its highs. It then declined steadily during the European and US sessions, reaching an intraday low near $4,154, before edging higher late in the session and ultimately closing near $4,171. On the daily chart, this represented a retracement test of the gains made since last Wednesday.
Fundamentally, gold is still being driven by the tug-of-war between expectations for Federal Reserve rate hikes and the direction of the US Dollar Index. After rebounding yesterday, the US Dollar Index weakened again, but only modestly, failing to provide sufficient upside momentum for gold prices. Meanwhile, US crude oil returned to the $93 level yesterday, while Brent crude rose toward $106. The logic of rising oil prices → stronger inflation expectations → difficulty for US Treasury yields to decline → pressure on gold prices remains unchanged.
Technically, gold prices formed their first bearish candle on the daily chart after two consecutive days of gains, but did not break below the previous breakout platform in the 4150-4160 area. The close also remained firmly above 4170, indicating that this pullback was more of a technical correction than a trend reversal.
In the short-term hourly timeframe, gold prices quickly reclaimed 4170 after retesting 4154, forming a clear long lower-wick structure. The MACD green bars also began to narrow, showing signs of fading bearish momentum; the KDJ indicator formed a golden cross at low levels, while short-term rebound momentum is building.
For today’s trading, it is recommended to focus primarily on buying on pullbacks, with particular attention to whether support in the 4150-4160 area holds. If this area stabilizes and remains unbroken, a small long position may be opened, with a stop-loss below 4140 and a target in the 4190-4200 area.
The above analysis is for reference only and does not constitute any investment advice. Financial markets are highly volatile, and investment involves risks. Please exercise caution when entering the market.#黄金 #伦敦金 $XAUUSD
