Daily Gold, Morning Session Analysis (11.03)
(This is only the personal opinion of Sweeping Monk, not a basis for trading decisions, please judge risks on your own)
On the 30-minute chart, yesterday the 3890 support area I marked stabilized, and relying on news directly rebounded to the 3970 resistance area, then fell back under pressure.
Currently, as long as it does not firmly stand above 3980, maintain a strategy of shorting at highs in the wave and going long on short-term dips.
Key resistance above: 3970-3976, key support below: 3920/3870/3820.
I will prioritize relying on the 3970 resistance to set up short positions, targeting 3925/3900/3870. Once 3870 breaks down, it is highly likely to test the support strength near 3820.
Secondly, relying on support near 3820, set up long positions targeting 3950/3970. If it stands firmly above 3975, a stable reversal may form.
With the upcoming U.S. midterm elections and frequent news events, it is expected to have a significant impact on gold's trend. Please pay close attention to news shocks.
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