8.17 Spot Gold (XAU/USD) Midday Outlook
The long-term bullish foundation for gold remains, but currently there is no strong and sustained push to drive further upside, resulting in a corrective range-bound consolidation after the rise.
On the 1-hour chart, after the rebound surged to 4416, price failed to break through the previous high and again showed a weakening signal with lower highs.
In the short term, the market is likely to trade primarily within a range, oscillating repeatedly.
Resistance overhead: 4415–4440 is strong supply. Without being able to hold above it effectively, it will be difficult to start a new round of upward movement.
Recommendation: Sell from the 4415–4400 area, targeting 4380, 4340, and 4300.
The long-term bullish foundation for gold remains, but currently there is no strong and sustained push to drive further upside, resulting in a corrective range-bound consolidation after the rise.
On the 1-hour chart, after the rebound surged to 4416, price failed to break through the previous high and again showed a weakening signal with lower highs.
In the short term, the market is likely to trade primarily within a range, oscillating repeatedly.
Resistance overhead: 4415–4440 is strong supply. Without being able to hold above it effectively, it will be difficult to start a new round of upward movement.
Recommendation: Sell from the 4415–4400 area, targeting 4380, 4340, and 4300.
