Gold Morning Market Update｜After Rising to a Peak, the Price Consolidates in High Territory. In the Morning, Be Cautious of Repeated Range Trading
8.21, Friday Morning
Overnight gold rebounded strongly in response to economic data. The price surged as high as around 4540. After hitting the high, the rally failed to expand further, and then the price came under pressure and pulled back. In the morning, gold has maintained high-level sideways consolidation. Current price is hovering around 4523, with a low pullback to 4517. Overall, it remains above the rebound platform.
From the hourly cycle, after surging higher, the gold price has entered a period of sideways digestion. 4540 has become the key resistance level to watch in the short term. The KDJ indicator is in an elevated zone, and bullish momentum has begun to slow. In the short run, there may be a need for a pullback and technical correction.
On a larger structural level, the rebound trend has not been fully broken. The support zone for this round of rebound is 4500–4510. Most likely, Friday morning will see range-bound trading. The probability of a direct, one-way big rally or crash is relatively low. Focus on whether price breaks out of the range.
Friday Trading Suggestion
For the first test of resistance around 4535–4540 on the small yellow fish, you may try selling short with a light position. Place a defense stop above 4548. Targets are around 4512–4500.
In an uptrend, the greatest taboo is acting impulsively and chasing highs. The higher the market consolidates, the more patience is needed to wait for an appropriate entry point. Trading does not require entering the market all the time. If you can’t read the market, standing by is also a form of action. Protect your principal—opportunities will always come.#美国初请失业金人数降至20.6万 #FASB拟允许合格稳定币计入现金等价物 #沃尔玛股价跌7% #加密空头爆仓约30亿美元
8.21, Friday Morning
Overnight gold rebounded strongly in response to economic data. The price surged as high as around 4540. After hitting the high, the rally failed to expand further, and then the price came under pressure and pulled back. In the morning, gold has maintained high-level sideways consolidation. Current price is hovering around 4523, with a low pullback to 4517. Overall, it remains above the rebound platform.
From the hourly cycle, after surging higher, the gold price has entered a period of sideways digestion. 4540 has become the key resistance level to watch in the short term. The KDJ indicator is in an elevated zone, and bullish momentum has begun to slow. In the short run, there may be a need for a pullback and technical correction.
On a larger structural level, the rebound trend has not been fully broken. The support zone for this round of rebound is 4500–4510. Most likely, Friday morning will see range-bound trading. The probability of a direct, one-way big rally or crash is relatively low. Focus on whether price breaks out of the range.
Friday Trading Suggestion
For the first test of resistance around 4535–4540 on the small yellow fish, you may try selling short with a light position. Place a defense stop above 4548. Targets are around 4512–4500.
In an uptrend, the greatest taboo is acting impulsively and chasing highs. The higher the market consolidates, the more patience is needed to wait for an appropriate entry point. Trading does not require entering the market all the time. If you can’t read the market, standing by is also a form of action. Protect your principal—opportunities will always come.#美国初请失业金人数降至20.6万 #FASB拟允许合格稳定币计入现金等价物 #沃尔玛股价跌7% #加密空头爆仓约30亿美元