8.14 Friday Midnight Gold Analysis: After a short-term spike higher, the indicators for gold have entered overbought conditions. On the 4-hour and daily timeframes, there have been multiple probes of the resistance above; candles frequently close with long upper shadows, and bullish momentum is clearly weakening.
At present, the rebound is merely a corrective move after a decline—it is not a large-scale trend reversal. The overhead resistance zone carries heavier selling pressure. The confluence resistance location across multiple periods is the preferred window for positioning short. Do not chase longs impulsively.
Gold Trading Plan: Sell in the 4370–4390 range, defend at 4400, and target downside at 4300–4270–4230–below 4200. $NVDAB
At present, the rebound is merely a corrective move after a decline—it is not a large-scale trend reversal. The overhead resistance zone carries heavier selling pressure. The confluence resistance location across multiple periods is the preferred window for positioning short. Do not chase longs impulsively.
Gold Trading Plan: Sell in the 4370–4390 range, defend at 4400, and target downside at 4300–4270–4230–below 4200. $NVDAB