On November 6, gold overall traced a clear spike-and-fade pattern, with intraday bullish and bearish phases distinctly divided. In the morning and midday sessions, prices first extended the prior uptrend with steady gains, then during the European session held in a modest consolidation with relatively stable movement. But when the U.S. session arrived, the market abruptly turned, triggering a sharp pullback that directly broke the short-term strong upward structure. After several consecutive days of rapid rebound, overhead pressure on gold has become increasingly evident, and the market has once again departed from a one-way rally. Yesterday's daily candle also closed as a stalling candlestick, signaling that near-term upside momentum is now insufficient and the market has formally entered a high-level consolidation and digestion phase.
From the current short-term technical picture, the bullish rhythm in gold has clearly slowed. With continued declines in the morning, the four-hour chart has broken below key short-term moving averages, and the overall posture has shifted into a stalling correction. Today's short-term dividing line is therefore fairly clear: the 4106-4117 zone above serves as the near-term strength-versus-weakness threshold. After all, early-session attempts repeatedly failed to break and hold above it, so as long as this high is not breached later, gold will remain in a high-level pressured consolidation trend, and short-term rebounds toward the highs present selling opportunities. However, if subsequent data helps the market effectively hold above 4106-4117 again, the bullish trend will return. At this stage, aggressive chasing of gains is no longer suitable for short-term trading; long positions should wait for precise support levels below before entering, while short positions should also await clearer short-term overhead pressure. Today's core market focus is mainly on the evening nonfarm payrolls data, the week's final major turning point. Based on historical patterns, October nonfarm payrolls are likely to come in weak, giving rise to expectations that gold could first rise and then fall. As a result, daytime trading today will most likely remain in a narrow range without large swings, with the real breakout awaiting the evening data. For short-term operations, we still focus on the European session's strength to judge the rhythm: if Europe is weak, continue to look for pullbacks依托 overhead resistance; if Europe is strong, short-term look first for a repair rebound.
Current real-time gold trading levels for reference: 1. Since the morning has already seen a decline, consider going long first near support at 4035-4040, with a stop at 4025, and initial upside targets at 4065-4075; after a breakout, watch whether 4100-4106 can be further breached. 2. If the subsequent rebound proves strong, focus on the 4106-4117 area above to consider shorting again; however, if the European session rebound lacks strength, first watch overhead pressure at 4065-4075, and if that cannot be broken and prices begin to weaken, we can also pre-position a short-term short.
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