#XAU 8.10 Yangping Gold Evening Review
In the evening, gold prices rose sharply and tested the 4361 phase high, but then faced selling pressure, resulting in downward movement under pressure. The current price is around 4333. The session has ended its sharp rise and has entered a high-level pullback and consolidation phase.
On the hourly cycle, the moving averages are gradually leveling off. The short-term moving average has turned downward, and there are clear signs of lagging gains at higher levels. Most of the upward momentum for the short-term bulls has already been consumed.
Near-term resistance is locked in the 4340–4348 range. The intraday peak at 4371 is the key strong pressure level for this round. The first support below is the intraday low at 4313. If price breaks below this support, the pullback room will be further expanded.
The long-term bullish structure remains intact, but the short-term has started a technical correction. At this moment, it is not advisable to blindly chase higher prices.
Trading outlook:
If price rebounds to the 4340–4355 resistance zone, you can consider placing short orders. Downside targets to watch are 4300 and then 4250 in sequence.
Market conditions change rapidly. The above is only for reference as market analysis; investing involves risk. Remember to set stop-losses and manage position sizing.
In the evening, gold prices rose sharply and tested the 4361 phase high, but then faced selling pressure, resulting in downward movement under pressure. The current price is around 4333. The session has ended its sharp rise and has entered a high-level pullback and consolidation phase.
On the hourly cycle, the moving averages are gradually leveling off. The short-term moving average has turned downward, and there are clear signs of lagging gains at higher levels. Most of the upward momentum for the short-term bulls has already been consumed.
Near-term resistance is locked in the 4340–4348 range. The intraday peak at 4371 is the key strong pressure level for this round. The first support below is the intraday low at 4313. If price breaks below this support, the pullback room will be further expanded.
The long-term bullish structure remains intact, but the short-term has started a technical correction. At this moment, it is not advisable to blindly chase higher prices.
Trading outlook:
If price rebounds to the 4340–4355 resistance zone, you can consider placing short orders. Downside targets to watch are 4300 and then 4250 in sequence.
Market conditions change rapidly. The above is only for reference as market analysis; investing involves risk. Remember to set stop-losses and manage position sizing.