8.18 Gold Midday Thoughts Analysis:
For the afternoon, I still lean more toward going long on dips. In the morning, price retraced all the way from around 4417; the low was hit near 4386, and then it quickly bounced back. At the moment, it’s basically consolidating around 4390. Although the short-term trend is a bit weak, the 4380–4390 area still shows fairly clear support, so for now there’s no need to treat this morning pullback as a one-way shift to bearish.
On the news front, the market remains highly sensitive to expectations for the Federal Reserve’s next policy moves and the U.S. dollar trend—this is one of the main reasons why gold keeps making relatively large swings. There’s some downside pressure in the short term, but the overall support factors have not fully disappeared. That’s why I’d rather wait for price to come down and then look for entries, instead of continuing to look for shorts at low levels.
For the afternoon, the key focus is the 4380–4390 support zone. If it holds, continue to go long on dips. For the upside, first watch 4410–4420. If the rebound gains momentum, then look toward around 4430–4435. Overall, keep the range at 4380–4435.
In simple terms: the morning saw a pullback; in the afternoon, first look for repair. The idea of going long dips above 4380 remains unchanged—first, target price moving back above 4400.
For the afternoon, I still lean more toward going long on dips. In the morning, price retraced all the way from around 4417; the low was hit near 4386, and then it quickly bounced back. At the moment, it’s basically consolidating around 4390. Although the short-term trend is a bit weak, the 4380–4390 area still shows fairly clear support, so for now there’s no need to treat this morning pullback as a one-way shift to bearish.
On the news front, the market remains highly sensitive to expectations for the Federal Reserve’s next policy moves and the U.S. dollar trend—this is one of the main reasons why gold keeps making relatively large swings. There’s some downside pressure in the short term, but the overall support factors have not fully disappeared. That’s why I’d rather wait for price to come down and then look for entries, instead of continuing to look for shorts at low levels.
For the afternoon, the key focus is the 4380–4390 support zone. If it holds, continue to go long on dips. For the upside, first watch 4410–4420. If the rebound gains momentum, then look toward around 4430–4435. Overall, keep the range at 4380–4435.
In simple terms: the morning saw a pullback; in the afternoon, first look for repair. The idea of going long dips above 4380 remains unchanged—first, target price moving back above 4400.