8.18 Morning Commentary
On the four-hour level, after gold spiked to 4436, it has remained in a high-range, oscillating back and forth. Multiple attempts to test the prior high failed to break through. After a round of upward movement, the market entered consolidation and accumulation. The long-term bullish structure on the larger timeframe remains intact, and for now there are no signs of a reversal.
In the short term, the moving averages are interwoven and flattening; price is trading above the moving averages. The battle between bulls and bears is intensifying. The chart has not shown sustained downward movement. In the near term, it’s high-level, repeated consolidation, waiting for the market to choose a clear direction.
The main resistance overhead is at 4450. Only if price holds above this level will upside potential open further;
The key support below is concentrated at 4375–4390. Once there is an effective breakdown, it will trigger a deeper pullback. At present, price is in the middle of the range.
No major data releases this week. Focus on how U.S. economic data may create volatility around rate-cut expectations. Geopolitical risk-off sentiment provides support to gold. Overall, news flow is neutral, and price action mainly follows technical oscillation. Be cautious about a breakout-and-sweep situation.
Trading Reference
If price retraces into the 4390–4410 range, you can consider long positions. The first target is 4440, and if it breaks through, look for 4470 next.
On the four-hour level, after gold spiked to 4436, it has remained in a high-range, oscillating back and forth. Multiple attempts to test the prior high failed to break through. After a round of upward movement, the market entered consolidation and accumulation. The long-term bullish structure on the larger timeframe remains intact, and for now there are no signs of a reversal.
In the short term, the moving averages are interwoven and flattening; price is trading above the moving averages. The battle between bulls and bears is intensifying. The chart has not shown sustained downward movement. In the near term, it’s high-level, repeated consolidation, waiting for the market to choose a clear direction.
The main resistance overhead is at 4450. Only if price holds above this level will upside potential open further;
The key support below is concentrated at 4375–4390. Once there is an effective breakdown, it will trigger a deeper pullback. At present, price is in the middle of the range.
No major data releases this week. Focus on how U.S. economic data may create volatility around rate-cut expectations. Geopolitical risk-off sentiment provides support to gold. Overall, news flow is neutral, and price action mainly follows technical oscillation. Be cautious about a breakout-and-sweep situation.
Trading Reference
If price retraces into the 4390–4410 range, you can consider long positions. The first target is 4440, and if it breaks through, look for 4470 next.