Brother Liang Makes Money Every Day — 12.4 Gold Morning Commentary!
Gold remains in a consolidation trend overall. Last night, after a bullish spike from the ADP report, it continued to fall back, and selling at the highs brought us a smooth three-win streak. Although gold is mainly consolidating at the moment, a deep short-term pullback is unlikely.
From a technical perspective, gold is still oscillating within a range on the 1-hour chart. Pay close attention to support around 4190 below. If the price pulls back to the 4190 support during the morning session, there may be a short-term rebound. Also, keep an eye on the 4160-4170 support area. Before the Fed decision, there is still hope for another upward move.
Morning trading plan:
Go long on gold in the 4195-4185 area, targeting 4230-4260.
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Brother Liang Makes Money Every Day — 12.4 Gold Morning Commentary!
Gold remains in a consolidation trend overall. Last night, after a bullish spike from the ADP report, it continued to fall back, and selling at the highs brought us a smooth three-win streak. Although gold is mainly consolidating at the moment, a deep short-term pullback is unlikely.
From a technical perspective, gold is still oscillating within a range on the 1-hour chart. Pay close attention to support around 4190 below. If the price pulls back to the 4190 support during the morning session, there may be a short-term rebound. Also, keep an eye on the 4160-4170 support area. Before the Fed decision, there is still hope for another upward move.
Morning trading plan:
Go long on gold in the 4195-4185 area, targeting 4230-4260.