$XAU
At present, spot gold is in a period of short-term continuous strong rally and is showing range-bound consolidation. It is suitable to go long at lower levels when adjustments happen. Over the coming period, the price is very likely to trend upward. The major resistance is around 4900, near the rebound resistance from the previous period.
At this moment, the biggest advantage after the pullback is that if you get trapped in the short term, it won’t drag on as long and as choppy as it did a few days ago—because these recent consecutive bullish candles have already shown direction. Personally, I plan to place a small position to go long below 4200 just to play it out. Given the continuous big rally, there is likely to be a fairly sharp pullback needed.
Resistance levels
1. First short-term resistance: 4435~4450 (the peak of this rally; a near-term sell-pressure zone)
2. Strong medium-term resistance: 4495~4515 (the 200-day moving average + the band where swing traders are stuck)
Support levels
1. First short-term support: 4380~4400 (the recent breakout base)
2. Key defensive support: 4340~4350 (the line between bulls remaining strong vs. weakening)
3. Deep pullback support: 4300
Brief outlook
Overall, the uptrend remains bullish, but in the short term it’s overbought and consolidating. Wednesday’s U.S. CPI will be the turning point for direction. Holding above 4450 will open up upward room; breaking below 4340 will trigger a phase of pullback.
Risk warning: These are for technical level reference only and do not constitute trading advice.
At present, spot gold is in a period of short-term continuous strong rally and is showing range-bound consolidation. It is suitable to go long at lower levels when adjustments happen. Over the coming period, the price is very likely to trend upward. The major resistance is around 4900, near the rebound resistance from the previous period.
At this moment, the biggest advantage after the pullback is that if you get trapped in the short term, it won’t drag on as long and as choppy as it did a few days ago—because these recent consecutive bullish candles have already shown direction. Personally, I plan to place a small position to go long below 4200 just to play it out. Given the continuous big rally, there is likely to be a fairly sharp pullback needed.
Resistance levels
1. First short-term resistance: 4435~4450 (the peak of this rally; a near-term sell-pressure zone)
2. Strong medium-term resistance: 4495~4515 (the 200-day moving average + the band where swing traders are stuck)
Support levels
1. First short-term support: 4380~4400 (the recent breakout base)
2. Key defensive support: 4340~4350 (the line between bulls remaining strong vs. weakening)
3. Deep pullback support: 4300
Brief outlook
Overall, the uptrend remains bullish, but in the short term it’s overbought and consolidating. Wednesday’s U.S. CPI will be the turning point for direction. Holding above 4450 will open up upward room; breaking below 4340 will trigger a phase of pullback.
Risk warning: These are for technical level reference only and do not constitute trading advice.