Daily Gold, Morning Session Analysis (11.06)
(This is only the personal opinion of Sweeping Monk, not a basis for trading decisions, please judge risks yourself)
Yesterday, gold behaved as I expected, facing resistance at 4147 and falling back, eventually breaking below the 4075 support area. We decisively positioned short at 4145 and caught this wave of the downtrend.
As I always say, don’t be scared by the rise caused by the US election in the past two days! Once a major trend emerges, it won’t change easily. But nothing is absolute; today’s major non-farm payroll data will determine the trend for today and the following week, whether it will be bullish or bearish.
Back to the chart, on the 30-minute timeframe, gold clearly faces resistance and falls back, currently supported at the 38.2% Fibonacci retracement.
Key resistance above: 4118, 4135-4145, 4200; key support below: 4030, 4000.
Currently holding a base short position at 4145 and an aggressive short position at 4072-80, aiming to play the break below the 38.2% Fibonacci level, reducing positions near 4030, then stabilizing to go long, targeting a rebound to 4050/4070.
If the market rebounds and the 38.2% Fibonacci support holds, I will consider shorting on the rebound in the 4095-4120 range, targeting 4060; if 4055 breaks, then look for 4030/4000.
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