8.21 Spot Gold Morning Analysis
After overnight pressure on the 4540 level, gold was met with resistance and fell back. Multiple attempts to break above the resistance failed to achieve a decisive breakout. The candlesticks repeatedly closed with long upper wicks; the highs gradually shifted downward, and a double-top resistance pattern emerged. On the daily chart, bullish momentum has clearly weakened. The MACD red histogram continues to shrink, and price action has officially entered a high-level correction phase.
On the fundamentals side, the U.S. Dollar Index and U.S. Treasury yields rebounded after stabilizing at their lows, indirectly weighing on gold prices. The market’s wait-and-see sentiment is increasing. Many earlier long positions have chosen to take profit, and at present there is a lack of fresh positive catalysts to push gold higher. In the short term, price action leans toward a technical pullback.
Trading reference:
On rebounds into the 4530‑4540 zone, build short positions in batches. Put the stop-loss at 4550. Targets are 4510, 4480, 4450#XAUUSD
After overnight pressure on the 4540 level, gold was met with resistance and fell back. Multiple attempts to break above the resistance failed to achieve a decisive breakout. The candlesticks repeatedly closed with long upper wicks; the highs gradually shifted downward, and a double-top resistance pattern emerged. On the daily chart, bullish momentum has clearly weakened. The MACD red histogram continues to shrink, and price action has officially entered a high-level correction phase.
On the fundamentals side, the U.S. Dollar Index and U.S. Treasury yields rebounded after stabilizing at their lows, indirectly weighing on gold prices. The market’s wait-and-see sentiment is increasing. Many earlier long positions have chosen to take profit, and at present there is a lack of fresh positive catalysts to push gold higher. In the short term, price action leans toward a technical pullback.
Trading reference:
On rebounds into the 4530‑4540 zone, build short positions in batches. Put the stop-loss at 4550. Targets are 4510, 4480, 4450#XAUUSD