Gold and Oil Market Analysis and Trend Forecast for Today

Deep News
10/06

**Gold Market Trend Analysis**

On October 6th, gold completed its weekly structure formation. At the beginning of the week, the opening near 3759 saw a minor pullback touching the 3756 level, followed by strong oscillating upward movement. It initially surged to touch the 3897 level before pulling back and consolidating around 3818. Late in the session, influenced by the U.S. government shutdown concerns, prices rallied upward. The weekly candle ultimately closed around 3886 with a saturated large bullish candle where the upper shadow was slightly longer than the lower shadow.

On the daily chart, gold prices broke out of the previous high-level narrow oscillation range. The candlestick continues to maintain a favorable oscillating upward trend along short-term moving averages. On the daily timeframe, attention should be paid to whether there will be a second upward move after a pullback confirmation. Short-term focus remains on support around the 3890 level. On the 4-hour timeframe, prices broke through previous resistance as short-term moving averages began to turn upward and diverge. The short-term trend remains relatively strong. On the hourly timeframe, intraday pullback strength and continuation remain limited, with candlesticks continuing to maintain a bullish bias along short-term moving averages. There is some divergence appearing on smaller timeframes, warranting attention to short-term corrections.

Gold's strong breakthrough to new highs in early trading continues the bullish momentum in this new upward journey. The 1-hour moving average has turned upward again, signaling the return of bullish sentiment. Gold retains further upward momentum. After the third upward push, the breakthrough of the previous 3880-3890 area has now formed support. Any pullback to the early session starting point around 3885 should be viewed as an opportunity to go long on dips. Currently, the highest point reached 3925. In principle, the outlook remains bullish, but chasing highs is not recommended. Downside support lies in the 3890-3880 range. It's advisable to wait for pullbacks to establish stable long positions. If key support level opportunities are presented across the board, trend-following long positions can be initiated. Upside targets include 3950 and potentially higher levels.

Overall, the short-term operational approach should focus on buying dips on pullbacks, with key attention on the 3880-3890 support zone.

**Trading Strategy:** Go long on pullbacks to 3890-3895, with stop-loss at 3880, targeting 3930-3950. Continue holding if breakthrough occurs.

The above viewpoints are for reference only. Specific operations should be based on real-time market prices.

**Oil Market Trend Analysis**

Oil opened lower at the beginning of last week around 65.22, filled the gap touching 65.62 before strongly declining. The weekly low touched 61.54 before consolidating at lower levels. The weekly candle ultimately closed around 60.87 with a large bearish candle where the upper shadow was slightly longer than the lower shadow.

On the daily chart, oil prices broke below previous support bands, with candlesticks continuing to face pressure from short-term moving averages, maintaining a somewhat weak oscillating trend. Currently, on the 4-hour timeframe, the rebound has basically reached the vicinity of previous resistance bands. Smaller timeframe charts also show some degree of divergence, suggesting that short-term continuation of upward momentum may be limited. Attention should be paid to short-term corrections.

Overall, today's operational approach for oil should focus primarily on selling rallies, with buying dips as a secondary strategy. Upside resistance is focused on the 63.0-62.5 zone, while downside support is concentrated around the 60.5-60.0 area.

**Trading Strategy:** Short around 61.9, stop-loss at 62.7, targeting 60.5-60.0.

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