10.15 Gold continues to rise, beware of a pullback

yesterday

Gold 4-hour chart level: Asian session directly pulled up strongly. The overnight closing itself was not at a relatively high level, and it was still 40 meters away from the previous high. After a short squeeze and strong pull, it did not stop until the European session reached the upper track of the yellow channel 4218 in the figure, and then there was a sharp drop, with the lowest point at 4165. The high point of this wave of suppression was predicted in place (4215 was prompted in advance to pay attention to the resistance pressure), but the low of 4165 was only touched for a few seconds, so only 4180-4190 can be chosen; Judging from the current trend, the US session tends to see a strong consolidation at a high level. The resistance is still the derivative of the upper track of the yellow channel, which will move up to 4220-25. The support is the middle track 4170, which is also the retracement point of the previous red channel line; after approaching both sides, we will look for pressure or support signals to try to make a shock;

yesterday

Trade active

Intraday Strategy: Gold's strong upward trend remains intact. Buy on pullbacks. A short position at strong resistance is advisable, but only for quick ins and outs.

◆Short Position◆

Aggressive: Go short between 4215-18, with a 7-point stop-loss. Continue shorting above the new high at 22-28 after a breakout, and prepare another position. Stop-loss: 7 points. Target: 96-86.

Conservative: Go short at 22, add to your position at 28-34. Stop-loss: 7 points. Target: 00-92.

◆Long Position◆

Aggressive: Go long with a small position between 4172-68, with a 7-point stop-loss. Go long after a breakout, add to your position at 62-56. Stop-loss: 7 points. Target: 4212-22. Continue upward movement after a breakout.

Conservative: Go long at 58-52, add to your position at 46-40. Stop-loss: 7 points. Target: Continue upward movement after a breakout.

yesterday

Trade closed: target reached

As we have analyzed, gold has started to pull back below 4200 after reaching its historical high.