Today, gold traded narrowly within the 3880-3920 range throughout the day. At the market open this morning, I said to look for a rebound; when gold rebounded to around 3920 at noon, I said not to rush to conclude that gold had reversed to the upside.
Indeed, on the 4-hour chart, gold still needs a rebound correction. In my view, the correction's upper limit is around 3980, but it won't happen too quickly.
First, the U.S. midterm elections are tomorrow, so most people will take a wait-and-see approach. Second, U.S. stocks suffered a major AI-related blowup last Friday, and funds flowed heavily out of highly liquid gold. Additionally, expectations of a Fed rate hike in December are weighing on prices, and the market's clearly bearish stance is putting pressure on gold.
In the short term, my view is that gold will continue to trade within the 3880-3920 range tonight, with a bias toward recovering and testing higher. However, I don't recommend chasing longs after a breakout. Instead, wait for the market to stabilize and identify the next short-term resistance level, then continue range trading!#黄金 #伦敦金 $XAUUSD
Indeed, on the 4-hour chart, gold still needs a rebound correction. In my view, the correction's upper limit is around 3980, but it won't happen too quickly.
First, the U.S. midterm elections are tomorrow, so most people will take a wait-and-see approach. Second, U.S. stocks suffered a major AI-related blowup last Friday, and funds flowed heavily out of highly liquid gold. Additionally, expectations of a Fed rate hike in December are weighing on prices, and the market's clearly bearish stance is putting pressure on gold.
In the short term, my view is that gold will continue to trade within the 3880-3920 range tonight, with a bias toward recovering and testing higher. However, I don't recommend chasing longs after a breakout. Instead, wait for the market to stabilize and identify the next short-term resistance level, then continue range trading!#黄金 #伦敦金 $XAUUSD
