November 2nd marks the start of a new month, with gold opening flat and rebounding in the morning session, a normal technical recovery after the recent sharp selloff, with the rebound breaking above last Friday's early high of 3902, establishing a preliminary narrow trading range between 3930 and 3870. Since gold prices have not continued their decline, the intraday short-term approach can prioritize a bullish bias above 3870, targeting the 3943 support-turned-resistance level. This week's opening sees the weekly Bollinger Band lower rail shifting down again to the 3818 level, and as long as gold prices fail to establish a solid close above 3943 early in the week, the risk of another downward move remains. On the other hand, the US dollar index's monthly K-line for November is currently showing a flat-top bearish candle pattern, and any continuation of its downtrend would certainly be bullish for gold's rebound. On the news front, this week is being called a "super data week": Tuesday brings the US midterm elections, Wednesday the ADP employment report, Thursday initial jobless claims, and Friday the non-farm payrolls report. For this week's price action, if the first three days are just narrow-range consolidation, then the second half of the week will certainly see a directional choice; if there is a one-sided rally or decline early in the week, I would recommend firmly positioning for a reversal in the latter half. Today's support levels focus on last week's low at 3870, followed by the 3855 level where the 1-hour and 4-hour Bollinger Bands converge, with further support at the weekly lower rail of 3818. On the resistance side, watch the pressure zone formed by the 4-hour MA10 at 3930 and the 1-hour MA30 at 3935, with the key strength-weakness transition level at 3943. Overall, the early part of the week is expected to see narrow-range consolidation, and it is sufficient to position contrarian trades at well-defined support and resistance levels, without needing to chase the tail end of moves. Gold reference strategy: current real-time quote at 3903. 1. Go long on a pullback to the 3885-3878 zone, stop loss below 3870, targets 3910-3930; 2. Go short on a bounce to 3935, add to short position at 3942, stop loss at 3950, targets 3902-3885, hold if broken below. On Monday, crude oil opened lower and moved straight down in the morning session, approaching last week's low of 99.4. Today, at any time, if it touches 99.5, I would go long once. In this new month, the monthly crude oil K-line shows a slow decline with a bearish body, and it is currently uncertain whether the daily SAR parabolic indicator can withstand the weak downward pressure, but if one does not go long near last week's lows, there is no point in trading at all. This is the expected level where a bounce is anticipated upon touching, and whether it subsequently reverses completely or breaks down after indicator repair, that can be adjusted after this trade is handled. This week, the weekly crude oil upper band has moved up from the weekend closing level of 107.8 to the current 109.2, while the monthly bearish candle is spreading downward, with the visible effective support at the 95 mark. The two larger timeframe indicators are in conflict, making today's intraday rebound high of 102.57 and last week's pullback low of 99.43 particularly critical. This week's price action will continue in whichever direction it breaks. If it breaks upward above 102.57, the monthly chart turns into a long lower-shadow bullish candle pattern favoring continued gains; if it breaks downward below 99.43, the weekly and monthly charts show large bearish bodies favoring continued declines. On the short-term side, a 99.4-102.5 consolidation range is tentatively expected, and I recommend maintaining the strategy given over the weekend, first favoring a bullish bias from the 100-99.4 range targeting 102.5+, and adjusting if stopped out. Crude oil reference strategy: current real-time quote at 100.1. 1. Go long on a pullback to the 99.8-99.5 zone, stop loss at 99, targets 101.5-102.5, hold if broken above. If you have any needs, please leave a message in the comments section, or if you would like to see store introductions, please check the pinned information on the homepage. Sina partner large platform futures account opening, safe, fast, and secure. Sina disclaimer: This message is reproduced from a Sina partner media outlet. Sina publishes this article for the purpose of conveying more information and does not mean it agrees with or confirms its views or descriptions. The article content is for reference only and does not constitute investment advice. Investors who act on this do so at their own risk.
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