Gold Market Analysis:
Yesterday, gold saw both buying and selling, and the market began a period of volatile correction, fluctuating up and down. This is a sign that markets can never rise continuously. When prices tire of rising, they need a break and a pause to recover. This is a normal technical correction after a significant surge. Today’s strategy is for short-term volatility, with the broader trend bullish. The range of this correction is a bit unclear, so we can target the upper and lower highs of the 1-hour chart. The daily and weekly charts are closing today. Barring any major surprises, the weekly chart will close with a positive candlestick pattern. Next week, gold will continue to rise, and buying will continue to push prices higher. 3791 isn’t the high point of this wave; a break above 3800 is just around the corner. The hourly chart shows gold forming a triangle consolidation pattern. Today, we’ll focus on a breakout of this correction. The hourly correction range is 3722-3762. Until this range is broken, we’ll maintain a short-term volatile trend. If it does, we can follow the trend. Once the volatility ends, there will undoubtedly be a significant move, whether it’s a decline or a breakout. If the Asian session rebounds first, we’ll consider selling near 3753.
Support at 3732 and 3722, strong support at 3717, resistance at 3753 and 3758, strong resistance at 3762, and the dividing line between strength and weakness at 3753.
Fundamental Analysis:
This week’s fundamentals have limited impact on the market. The US dollar has also begun to fluctuate. The market awaits new data to drive it. The Federal Reserve’s interest rate cuts in October remain a key focus.
Trading Recommendations:
Gold – Sell near 3753, target 3740-3722
