9.4 Jaining Morning Analysis:
Yesterday, the gold price surged strongly from 4381. Bulls focused their effort, pushing higher, but after reaching a peak, the market met with profit-taking, resulting in a slight pullback. The price action has entered a consolidation phase at elevated levels, digesting the move.
On the hourly chart, a strong bullish candlestick with a real body was formed, indicating bullish strength in the short term. However, after the rapid rally, the indicators have entered overbought conditions, and profit-taking needs time to be absorbed, implying a pullback and repair is likely. This move is only a healthy adjustment during an uptrend, not a reversal. After the consolidation at high levels, the price remains under pressure and leans bearish.
Key Levels
Short-term resistance: 4510–4530
Short-term support: 4456–4420
If it rebounds to the 4495–4515 range, you can set up a strategy with “Ju Kun” plant,
Targets: around 4455, 4430, and 4300.#外汇黄金 #gold
Yesterday, the gold price surged strongly from 4381. Bulls focused their effort, pushing higher, but after reaching a peak, the market met with profit-taking, resulting in a slight pullback. The price action has entered a consolidation phase at elevated levels, digesting the move.
On the hourly chart, a strong bullish candlestick with a real body was formed, indicating bullish strength in the short term. However, after the rapid rally, the indicators have entered overbought conditions, and profit-taking needs time to be absorbed, implying a pullback and repair is likely. This move is only a healthy adjustment during an uptrend, not a reversal. After the consolidation at high levels, the price remains under pressure and leans bearish.
Key Levels
Short-term resistance: 4510–4530
Short-term support: 4456–4420
If it rebounds to the 4495–4515 range, you can set up a strategy with “Ju Kun” plant,
Targets: around 4455, 4430, and 4300.#外汇黄金 #gold
