8.17 Gold 4430—Before it breaks, trade the range
Last week, the gold market opened at 4242, then first pulled back to 4312. After that, price surged strongly. The weekly high reached 4450, but afterward the market fell sharply due to resistance from the upper boundary of the current descending channel. The weekly low came in at 4309, and during the late session price rallied again. The week ultimately closed at 4376.
On the 1-hour timeframe: after bouncing from the 4310 low, price entered a consolidation and build-up phase. The short-term long structure is temporarily intact. The Bollinger Bands are tightening, and there is currently no clear directional momentum. For the short term, maintain a range-trading mindset, mainly selling high and buying low. Pay special attention to whether 4430 and 4330 break. After an effective breakout of the range, then switch to a one-way directional bias accordingly.
Trading idea: Sell 4380–4400. Stop loss: above 4410. Targets: 4350–4330.
(For reference only; always follow real-time trading results.) #XAU $XAU
Last week, the gold market opened at 4242, then first pulled back to 4312. After that, price surged strongly. The weekly high reached 4450, but afterward the market fell sharply due to resistance from the upper boundary of the current descending channel. The weekly low came in at 4309, and during the late session price rallied again. The week ultimately closed at 4376.
On the 1-hour timeframe: after bouncing from the 4310 low, price entered a consolidation and build-up phase. The short-term long structure is temporarily intact. The Bollinger Bands are tightening, and there is currently no clear directional momentum. For the short term, maintain a range-trading mindset, mainly selling high and buying low. Pay special attention to whether 4430 and 4330 break. After an effective breakout of the range, then switch to a one-way directional bias accordingly.
Trading idea: Sell 4380–4400. Stop loss: above 4410. Targets: 4350–4330.
(For reference only; always follow real-time trading results.) #XAU $XAU