9.22 spot gold full-day summary
Today’s price action saw full-day back-and-forth ranging and stop-hunting. The morning outlook called for selling attempts at the 4360–4375 resistance zone (testing shorts). Gold pushed up to 4365, met resistance and pulled back, capturing a 50-point move.
In the afternoon, we continued to look slightly bearish, favoring shorts from the 4340–4360 range’s upper area.
In the evening, the outlook was for a short near 4340. Price repeatedly hit the resistance level and fell back, repeatedly offering valid entry opportunities.
In a ranging market, don’t chase breakouts or selloffs. Be patient and wait for key resistance/support before taking action. The market won’t always give opportunities—hold your levels, manage risk properly, and profits will come naturally.$XAU
Today’s price action saw full-day back-and-forth ranging and stop-hunting. The morning outlook called for selling attempts at the 4360–4375 resistance zone (testing shorts). Gold pushed up to 4365, met resistance and pulled back, capturing a 50-point move.
In the afternoon, we continued to look slightly bearish, favoring shorts from the 4340–4360 range’s upper area.
In the evening, the outlook was for a short near 4340. Price repeatedly hit the resistance level and fell back, repeatedly offering valid entry opportunities.
In a ranging market, don’t chase breakouts or selloffs. Be patient and wait for key resistance/support before taking action. The market won’t always give opportunities—hold your levels, manage risk properly, and profits will come naturally.$XAU
