Daily Gold, Morning Analysis (11.12)
(This is only the personal opinion of Sweeping Monk, not a basis for trading decisions, please judge risks yourself)
Yesterday's movement fully met my expectations, facing resistance at 4064 and falling back, hitting 4030/4015, breaking below 4015, directly reaching the key support I marked at 3970, then starting a rebound again.
As I always say, do not hastily conclude a stable rally just because gold surged after last week's US midterm elections; the current trend is still bearish.
The 4-hour chart shows a bearish M-top signal formed, with a pullback breaking the channel trendline leading to a sharp drop. The 30-minute chart currently shows resistance from a descending trendline.
Dual timeframes form pressure resonance:
Short-term resistance: 4000, key resistance: 4013-4026; short-term support: 3970, key support: 3930.
Today, I lean towards shorting on rallies. If the market strongly breaks below the previous low support at 3968, it may continue to fall to test the support near 3932.
If the support below stabilizes, consider short-term longs; for detailed ideas, see the homepage. $XAU$XAUT
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