8.19 Gold customer gold mid-day wrap: Gold finds bottom and stabilizes; the bulls’ offensive is about to begin
Gold saw a move up followed by a pullback. Bulls pushed the price higher to 4362.09, the intraday high. Then, due to concentrated profit-taking at the higher levels, the gold price began a rapid retreat and pulled back to around the 4335 support area.
Market expectations for a rate cut in September remain well priced in. The broader trend of ongoing pressure on the US dollar index is unchanged. The recent rebound in US Treasury yields is only a short-term sentiment disturbance and cannot overturn the upside outlook for gold under a rate-cut cycle.
On the 1-hour chart, after price touched the lower BOLL band, it rebounded quickly. This validates the effectiveness of support at the lower band. The BOLL opening is gradually narrowing, suggesting that the one-way downtrend is temporarily over and the market is about to enter a rebound and repair phase.
Look to go long on pullbacks in the 4320–4340 range, targeting 4360 and 4380.
$XAU $HYPE #黄金
Gold saw a move up followed by a pullback. Bulls pushed the price higher to 4362.09, the intraday high. Then, due to concentrated profit-taking at the higher levels, the gold price began a rapid retreat and pulled back to around the 4335 support area.
Market expectations for a rate cut in September remain well priced in. The broader trend of ongoing pressure on the US dollar index is unchanged. The recent rebound in US Treasury yields is only a short-term sentiment disturbance and cannot overturn the upside outlook for gold under a rate-cut cycle.
On the 1-hour chart, after price touched the lower BOLL band, it rebounded quickly. This validates the effectiveness of support at the lower band. The BOLL opening is gradually narrowing, suggesting that the one-way downtrend is temporarily over and the market is about to enter a rebound and repair phase.
Look to go long on pullbacks in the 4320–4340 range, targeting 4360 and 4380.
$XAU $HYPE #黄金