XAUUSD: Market Analysis and Strategy for October 29

Gold Technical Analysis:

Daily chart resistance: 4090, support: 3840.

4-hour chart resistance: 4050, support: 3950.

1-hour chart resistance: 4050, support: 3980.

Today, the European session saw an accelerated rebound, breaking through $4000. The focus is on whether it can hold. If the price can stabilize above $4000 after the Fed's rate cut and Powell's speech, it will inevitably attract previous buying interest, solidifying the long-term upward trend. Conversely, if the price falls below $4000, it can be basically determined that a short-term top has formed. At that time, greater selling pressure will continue to amplify the decline until market risk sentiment shifts.

Based on the 1-hour chart, the price faces resistance around 4050, and the battle around the 4000 level remains crucial. Support is seen around 3980.

Trading Plan:
SELL: 4050 near

BUY: 3980 near

BUY: 3955 near

If you choose to trade, please avoid times when news releases occur.