Our overall judgment on gold in October is "bumpy", that is, the market has turned from the steady slow bull market in September to a fluctuating rise. There will be a tug-of-war between long and short positions, and there will be a tug-of-war between highs and lows and a rapid rebound. However, this does not mean the end of the bull market, but only a change in the rising rhythm. We should pay attention to this pattern change in the short term. We will still view it as a strong rhythm during the day. After the volatile upward trend in the Asian and European sessions, we will choose to follow up with a bullish trend after a pullback. Pay attention to the suppression around 3874 and 3895 on the upside. At the same time, due to the uncertainty of the non-farm payroll results, whether it is announced or not will have a greater impact on today's operations.
Trade active
The Bollinger Bands are expanding, with the middle band at 3681.35 rapidly rising, and the upper band at 3917.52 and the lower band at 3445.18 simultaneously moving upward, indicating a strengthening trend of volatility diffusion. Gold prices are currently trading just below the upper band, indicating that bulls still hold the upper hand, but "dynamic resistance" near the upper band is limiting any immediate upside potential. 3750.00 constitutes a significant static support/retracement level. The multiple pullbacks following the previous breakout have proven effective, giving it the technical significance of a "resistance-to-support" transition.
The RSI is in the overbought zone near 79.16, indicating strong momentum and overheating. This resonates with the price near the upper Bollinger Band: a short-term pullback/retracement to the middle band or previous highs is needed to alleviate the overheating.
The road to success is not crowded. As long as you choose the right direction and follow the right team, you will be able to move forward.
t.me/david_456654
t.me/david_456654
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
The road to success is not crowded. As long as you choose the right direction and follow the right team, you will be able to move forward.
t.me/david_456654
t.me/david_456654
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.