GOLD: Still prioritize buying on pullbacks

Nov 11

In terms of gold's current pattern, the strong momentum built up after a continuous upward move is likely to extend significantly. We remain bullish on the gold market for now. The short-term resistance above is around 4145, which will also be our primary target going forward. On the downside, support is held at the key integer level of 4100, a level that serves as one of the primary retracement points for short-term bullish corrections. Operationally, we prioritize buying on pullbacks.

From the 4-hour chart analysis, the support below will continue to lie around the 4090-4110 range, while the short-term resistance above is focused on 4145-4150. If gold stabilizes above 4150, it may surge toward 4180 today. In trading, we maintain the strategy of buying on pullbacks and should avoid blindly chasing the rally.

Trading Strategy:
Buy 4110 - 4120
SL 4100
TP 4140 - 4145 - 4150

Sell 4150 - 4145
SL 4160
TP 4125 - 4020 - 4015

Nov 11

Trade active

GOLD is 4144 now, hit our target level of 4140 - 4145

Nov 11

Trade closed: target reached

Currently, gold has been oscillating at high levels and making multiple attempts to break through the 4145 resistance.

Nov 11

Note

The 4100 support level remains very solid.