8.17 Monday Gold Morning Outlook:
A weekly bullish candle breaks through, and the intermediate uptrend channel is established. The previous resistance at 4300 has turned into strong support; as long as it holds, the bullish structure remains in place.
Overhead, the sell pressure around 4450 is heavier—two attempts to push higher failed to hold. After consecutive up moves, the daily and weekly indicators are overbought, and the risk of profit-taking leaving the market is rising. The price action needs a pullback for technical repair. For now, the priority is to watch for range-bound consolidation; do not rush to chase higher prices.
With expectations for a macro rate cut delayed, the rebound in the US dollar and Treasury yields is weighing on gold. Bullish profit-taking is fleeing, and upward momentum continues to weaken.
Trading Ideas:
Short the 4420–4430 rebound range, targeting 4380–4350; keep 4440 as the stop-loss.
#XAU
A weekly bullish candle breaks through, and the intermediate uptrend channel is established. The previous resistance at 4300 has turned into strong support; as long as it holds, the bullish structure remains in place.
Overhead, the sell pressure around 4450 is heavier—two attempts to push higher failed to hold. After consecutive up moves, the daily and weekly indicators are overbought, and the risk of profit-taking leaving the market is rising. The price action needs a pullback for technical repair. For now, the priority is to watch for range-bound consolidation; do not rush to chase higher prices.
With expectations for a macro rate cut delayed, the rebound in the US dollar and Treasury yields is weighing on gold. Bullish profit-taking is fleeing, and upward momentum continues to weaken.
Trading Ideas:
Short the 4420–4430 rebound range, targeting 4380–4350; keep 4440 as the stop-loss.
#XAU