On October 12, the gold market has not yet broken out of a strong single-direction trend recently, with prices continuing to fluctuate back and forth and showing very poor continuity. Gains and losses switch rapidly, which is the core characteristic of recent trading.
Although last Friday gold saw a strong rebound, with prices surging above the 4,200 level, temporarily appearing to break the short-term subdued oscillation rhythm, this rally still cannot represent the start of a bullish trend. It can only be viewed as a rebound repair within the range. Gold's various timeframe patterns have begun to strengthen across the board, and the short-term bullish trend has gradually been established.
The daily moving averages have also started turning from flat to upward, and various indicators are beginning to form bullish signals at low levels. Gold prices are currently gradually breaking away from weak consolidation and transitioning into strong high-level consolidation. The short-term price action is now clearer, with prices beginning to open up further upside space after breaking through the key resistance above at 4,230-4,250.
Currently, the 4,168-4,175 zone below is an important intraday dividing line between bulls and bears. If prices, similar to last Friday's movement, continue to hold steadily above 4,200, then the short term will remain a bull-dominated market. However, once prices effectively break below the 4,168-4,175 area again, the current rebound rhythm will begin to gradually weaken, and the market may return to the previous low-range consolidation.
For today's intraday operations, the overall approach is still to follow the trend for positioning. Currently, key support below should first be watched at 4,175, 4,168, and 4,145 as layered support, while important resistance above is concentrated at 4,215, 4,225, and 4,250.
Overall, the current short-term gold trend is still biased to the upside, so operations can temporarily focus on buying on dips. However, if subsequent major news triggers larger market fluctuations, we need to promptly set stop-losses to avoid the risks of sudden market movements. This article is for reference only and does not constitute investment advice. Investors who act on this information do so at their own risk.
Comments