9.23 Spot Gold (XAU/USD) Morning View
Yesterday, gold overall moved in a pattern of first weakness then strength, showing a consolidation repair with a dip and rebound. The intraday trading range was clear: the highest price touched 4376, the lowest dipped to 4292, and it closed with a relatively strong corrective candle.
After two days of consolidation and adjustment, the short-term correction for gold has been fully completed, and the long position structure has returned to being stable. On the daily chart, it formed a long-legged cross star, with strong support below and exhausted bearish momentum. On the 4-hour chart, it broke out of a “false breakdown” and consolidation-washout pattern; price shifted from weak to strong, and the bulls have taken control of the short-term rhythm again.
With macro tailwinds in place, the U.S. dollar’s high-level consolidation has slowed and rate-hike expectations have cooled. Market bargain-hunting sentiment has risen. With technical signals and news catalysts aligning in multiple ways, the likelihood of gold prices moving higher going forward is extremely high.
Today’s key focus is the 4400 strength-versus-weakness dividing line. If price can hold above it effectively, it will open up upside space. If resistance holds and price fails to break through, the market will likely remain in high-range consolidation.
Trading strategy:
On a pullback to the 4320–34 area, if it stabilizes and holds, go long. Targets are 4360, then 4400, then 4430 $XAU
Yesterday, gold overall moved in a pattern of first weakness then strength, showing a consolidation repair with a dip and rebound. The intraday trading range was clear: the highest price touched 4376, the lowest dipped to 4292, and it closed with a relatively strong corrective candle.
After two days of consolidation and adjustment, the short-term correction for gold has been fully completed, and the long position structure has returned to being stable. On the daily chart, it formed a long-legged cross star, with strong support below and exhausted bearish momentum. On the 4-hour chart, it broke out of a “false breakdown” and consolidation-washout pattern; price shifted from weak to strong, and the bulls have taken control of the short-term rhythm again.
With macro tailwinds in place, the U.S. dollar’s high-level consolidation has slowed and rate-hike expectations have cooled. Market bargain-hunting sentiment has risen. With technical signals and news catalysts aligning in multiple ways, the likelihood of gold prices moving higher going forward is extremely high.
Today’s key focus is the 4400 strength-versus-weakness dividing line. If price can hold above it effectively, it will open up upside space. If resistance holds and price fails to break through, the market will likely remain in high-range consolidation.
Trading strategy:
On a pullback to the 4320–34 area, if it stabilizes and holds, go long. Targets are 4360, then 4400, then 4430 $XAU
