8.20 Lingfeng Summary and Analysis
Gold ETF holdings increased significantly by 9.41 tons. Combined with the central bank’s long-term reserve backing, the rise in the size of U.S. Treasury holdings also enhances the value of gold allocation. Tonight, focus especially on the latest U.S. initial jobless claims data. After rallying strongly from the lows, gold price surged overnight, topping out at 4527.45 to set a new intraday high, and entered a period of consolidation in the high range during the morning.
On the larger timeframe, the bullish structure remains intact, and moving averages across all periods are diverging upward. However, after a series of big gains, a large amount of profit-taking has accumulated; in the short term, there is a need to pull back and digest gains. Avoid chasing blindly. On the hourly timeframe, support is formed by the MA10. The key support is in the 4480–4490 range. Overhead resistance lies at 4527–4540. If support holds, the uptrend may continue; if it breaks, price is likely to return to a range-bound consolidation.
For execution, prioritize waiting for a pullback to stabilize before placing long orders. Enter around 4480–4500, with targets at 4530–4560–4600. If price spikes and stalls, you may consider a small short position, and be prepared with defenses. #XAU $NVDAB
Gold ETF holdings increased significantly by 9.41 tons. Combined with the central bank’s long-term reserve backing, the rise in the size of U.S. Treasury holdings also enhances the value of gold allocation. Tonight, focus especially on the latest U.S. initial jobless claims data. After rallying strongly from the lows, gold price surged overnight, topping out at 4527.45 to set a new intraday high, and entered a period of consolidation in the high range during the morning.
On the larger timeframe, the bullish structure remains intact, and moving averages across all periods are diverging upward. However, after a series of big gains, a large amount of profit-taking has accumulated; in the short term, there is a need to pull back and digest gains. Avoid chasing blindly. On the hourly timeframe, support is formed by the MA10. The key support is in the 4480–4490 range. Overhead resistance lies at 4527–4540. If support holds, the uptrend may continue; if it breaks, price is likely to return to a range-bound consolidation.
For execution, prioritize waiting for a pullback to stabilize before placing long orders. Enter around 4480–4500, with targets at 4530–4560–4600. If price spikes and stalls, you may consider a small short position, and be prepared with defenses. #XAU $NVDAB