October 22 Gold Morning Analysis
Last night, gold traded sideways within the 4140-4100 range, with limited overall volatility, and closed at $4140 near the end of the session. The daily chart formed a small bullish candle, but after briefly testing resistance at 4145 at today's open, gold fell back again. It is currently trading near $4114, and the rebound still lacks staying power!
Technically, although the daily chart closed with a small bullish candle, the bearish structure of the short-term moving averages remains unchanged. The MACD green bars show signs of contraction, but the fast and slow lines remain below the zero line. Rebound momentum is clearly weak, and the overall bearish trend has yet to reverse. The rebound should be viewed as a technical correction rather than a trend reversal.
On the short-term hourly chart, gold fell back again after meeting resistance around 4145. The short-term moving averages have turned downward again, the MACD fast and slow lines are showing signs of forming a death cross near the zero line, and the KDJ lines have turned down from high levels. Short-term rebound momentum has faded, and the price center of gravity has shifted lower again. The intraday outlook remains bearish.
For today's trading, watch the 4130-4135 range for short-term resistance. If gold rebounds to this area and the hourly chart forms a clear upper wick, a small short position may be considered, with a stop-loss above 4145 and downside targets in the 4110-4100 range. If gold breaks below the key 4100 level directly, follow the move with a short position, with a stop-loss above 4115 and a downside target near 4080.
The above content represents only my personal views and does not constitute investment advice. Investing involves risk; exercise caution when entering the market. Please manage your position size appropriately and make rational decisions based on your own risk tolerance.
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