8.18 Evening Gold Trading Strategy Analysis
From the news perspective, risk-off sentiment keeps switching back and forth. The broad-term support still remains, but late in the evening the long/short game intensifies, and the strength of positive catalysts has weakened. After gold prices surged high, they faced pressure and did not continue strong upward movement; overall, the market has shifted into a range-bound consolidation pattern.
Looking at the current cycle chart, the price tested the 4403 high after a push higher, then met resistance and pulled back. The moving averages are intertwined and flatten out, with no clear one-way direction. The key support is around 4390, which is the crucial defensive level for evening consolidation. Overhead resistance is the prior high at 4403.
Upside resistance: 4400–4405, with heavy resistance at 4436
Downside support: 4386–4388, key defense at 4378
For trading
Adopt a low-buy (buy-the-dip) mindset. If price retraces to around 4380 and stabilizes, consider a low-long position. The initial target is to look for 4420; if it breaks through, you can follow the move and see 4470. If there is an effective breakdown below the 4375 support, the market will likely weaken further, and long positions should be avoided. Wait until price approaches key levels before taking the opportunity.
$XAU
From the news perspective, risk-off sentiment keeps switching back and forth. The broad-term support still remains, but late in the evening the long/short game intensifies, and the strength of positive catalysts has weakened. After gold prices surged high, they faced pressure and did not continue strong upward movement; overall, the market has shifted into a range-bound consolidation pattern.
Looking at the current cycle chart, the price tested the 4403 high after a push higher, then met resistance and pulled back. The moving averages are intertwined and flatten out, with no clear one-way direction. The key support is around 4390, which is the crucial defensive level for evening consolidation. Overhead resistance is the prior high at 4403.
Upside resistance: 4400–4405, with heavy resistance at 4436
Downside support: 4386–4388, key defense at 4378
For trading
Adopt a low-buy (buy-the-dip) mindset. If price retraces to around 4380 and stabilizes, consider a low-long position. The initial target is to look for 4420; if it breaks through, you can follow the move and see 4470. If there is an effective breakdown below the 4375 support, the market will likely weaken further, and long positions should be avoided. Wait until price approaches key levels before taking the opportunity.
$XAU