How to navigate volatile market conditions after the government

17 nov

#XAUUSD GOLD XAUUSD

As I mentioned on Friday, if the closing price failed to stabilize above 4110-4120, gold would weaken further on Monday. Sure enough, gold again fluctuated downwards, testing the 4050 support level.

With Friday's panic selling gradually subsiding and the US government reopening, significant fluctuations are unlikely in the short term. Key data such as NFP and PMI may be released this week. Before the data is released, the market may be relatively cautious, and I think the market may tend to fluctuate and recover.

Short-term support levels to watch are 4050-4030. If the price retraces and tests this support again during the European session, we can try to continue going long on gold.

7 giorni fa

Trade attivo

#XAUUSD

The NY session is about to open, and the market is still in a tug-of-war between bulls and bears. Both sides have some profit opportunities in the short term, but the pullback in the Asian and European sessions failed to break below 4050 effectively. Therefore, I still expect the market to consolidate and correct. The key resistance level remains at 4140-4155, but we also need to pay attention to the short-term resistance level formed by 4110-4120. Before testing the key resistance at 4140-4155, the market may first test the performance of this short-term resistance level. Therefore, if the NY session rebounds to 4110-4120, we can try to short gold with a small position.

7 giorni fa

Trade chiuso: obiettivo raggiunto

#XAUUSD

Gold has retreated again to the 4010-4000 range in the short term, but the daily chart suggests further downside potential. From a weekly perspective, the MA10 is around 3980. If the 4000 level is breached in the short term, gold may fall further to test the weekly support level. We can consider taking a small long position in gold on a pullback to the 4000-3980 range.