9.23 Chen Jie evening analysis
Focus today on the U.S. services-sector PMI and remarks by Fed officials. Official reserves remain stable (+20.22 tons), and ETF holdings saw a net inflow of +0.57 tons. After reaching 4369 in the morning, price fell one-way by nearly 60 points, with a low at 4308. It is currently trading around 4315. After breaking down and then killing the bid, short-term conditions are severely oversold. Intraday has set the main trading theme of “sell high and buy low,” with a pullback to confirm the breakdown resistance pressure and a bottom test of extreme support.
In the 15-minute Bollinger basis line, it is at 4322. The 1-hour Bollinger basis (4340) and the 4-hour Bollinger basis (4348) have shifted downward. The neckline zone that was broken in the early session (4335–4345) forms a very strong top-to-bottom pivot reversal resistance.
The 15-minute lower band (4309), the 1-hour lower band (4308), and the 4-hour lower band (4307) converge around 4305–4310. Strong support is located in the prior breakout/bottom area of 4285–4295.
Trading strategy
Do “Kong” around 4335–4345, targeting 4305–4275 and 4245; stop-loss at 4356.
Do “Duo” around 4285–4295, targeting 4325–4355–4385; stop-loss at 4273#xau $XAU
Focus today on the U.S. services-sector PMI and remarks by Fed officials. Official reserves remain stable (+20.22 tons), and ETF holdings saw a net inflow of +0.57 tons. After reaching 4369 in the morning, price fell one-way by nearly 60 points, with a low at 4308. It is currently trading around 4315. After breaking down and then killing the bid, short-term conditions are severely oversold. Intraday has set the main trading theme of “sell high and buy low,” with a pullback to confirm the breakdown resistance pressure and a bottom test of extreme support.
In the 15-minute Bollinger basis line, it is at 4322. The 1-hour Bollinger basis (4340) and the 4-hour Bollinger basis (4348) have shifted downward. The neckline zone that was broken in the early session (4335–4345) forms a very strong top-to-bottom pivot reversal resistance.
The 15-minute lower band (4309), the 1-hour lower band (4308), and the 4-hour lower band (4307) converge around 4305–4310. Strong support is located in the prior breakout/bottom area of 4285–4295.
Trading strategy
Do “Kong” around 4335–4345, targeting 4305–4275 and 4245; stop-loss at 4356.
Do “Duo” around 4285–4295, targeting 4325–4355–4385; stop-loss at 4273#xau $XAU
