https://www.tradingview.com/x/qqedKUL6/
News：
On Tuesday (November 4), spot gold fell 1.7% to close at $3,931.78 per ounce, while December U.S. gold futures also declined 1.3%, settling at $3,960.50. Increased internal divisions among Federal Reserve officials and a cooling of market expectations for a December rate cut helped the dollar index break through the 100 mark, reaching a more than three-month high, significantly pressuring gold prices.
However, concerns about a U.S. stock market bubble and the longest government shutdown in history continue to provide safe-haven support for gold prices. In the short term, gold bears have a slight advantage, and gold prices face the risk of further correction. However, if Wednesday's ADP private sector employment data is disappointing, gold prices could see a dramatic reversal.
Specifically:
Gold maintains a long-term bullish tone, with prices continuing their upward trend today, holding above key moving averages. The daily chart shows that the long-term bullish outlook remains solid as gold prices hold above the key technical level of the 100-day exponential moving average (3675.95).
However, in the short term, given that the 14-day Relative Strength Index (RSI) is hovering near the midline, a further consolidation phase cannot be ruled out, reflecting that gold is currently in a neutral momentum phase.
On the upside, the first resistance level to watch is the psychological level of $4000. If upward momentum continues, spot gold is expected to retest the October 31 high of $4045. A further break above this level would target the October 23 high of $4155.
On the downside, initial support for gold is located at the lower Bollinger Band at $3850. The emergence of more bearish candlestick patterns could indicate continued downward pressure, potentially dragging prices to the next support level – the September 25 low of $3720. The bullish outlook for gold remains unchanged.
Trading strategy:
Buy:3955-3950, SL: 3945, TP: 3985-4010-4030
News：
On Tuesday (November 4), spot gold fell 1.7% to close at $3,931.78 per ounce, while December U.S. gold futures also declined 1.3%, settling at $3,960.50. Increased internal divisions among Federal Reserve officials and a cooling of market expectations for a December rate cut helped the dollar index break through the 100 mark, reaching a more than three-month high, significantly pressuring gold prices.
However, concerns about a U.S. stock market bubble and the longest government shutdown in history continue to provide safe-haven support for gold prices. In the short term, gold bears have a slight advantage, and gold prices face the risk of further correction. However, if Wednesday's ADP private sector employment data is disappointing, gold prices could see a dramatic reversal.
Specifically:
Gold maintains a long-term bullish tone, with prices continuing their upward trend today, holding above key moving averages. The daily chart shows that the long-term bullish outlook remains solid as gold prices hold above the key technical level of the 100-day exponential moving average (3675.95).
However, in the short term, given that the 14-day Relative Strength Index (RSI) is hovering near the midline, a further consolidation phase cannot be ruled out, reflecting that gold is currently in a neutral momentum phase.
On the upside, the first resistance level to watch is the psychological level of $4000. If upward momentum continues, spot gold is expected to retest the October 31 high of $4045. A further break above this level would target the October 23 high of $4155.
On the downside, initial support for gold is located at the lower Bollinger Band at $3850. The emergence of more bearish candlestick patterns could indicate continued downward pressure, potentially dragging prices to the next support level – the September 25 low of $3720. The bullish outlook for gold remains unchanged.
Trading strategy:
Buy:3955-3950, SL: 3945, TP: 3985-4010-4030
Trade active
Gold hovers amid numerous unfavorable factors, awaiting a reversal.Trade closed: target reached
Gold's bullish trend is about to begin
I'm Theodore, welcome to join my channel, where you can get the latest trading signals and strategy layout.
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.
I'm Theodore, welcome to join my channel, where you can get the latest trading signals and strategy layout.
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.