8.21 Jining Evening Analysis:
Today, gold prices continued to surge and rise, with the price consistently breaking into the high-level range. However, after the continuous rally, the bullish momentum has long since been overextended.
Throughout the day, repeated attempts to push higher met with pressure. The candlesticks kept forming long upper shadows. The rebound highs stepped downward one after another, and a top-double-top suppression structure gradually took shape. After a continuous large rise on the daily chart, the market has entered an extremely overbought area; technically, the need for a pullback and correction is very strong. In the evening, there are no conditions for continuously chasing higher prices.
Today is Friday’s week-end close. At high levels, a large amount of long-profit-taking positions has piled up. In the latter half of the US session, it is easy to see a pattern of rally-followed-by-failure, with a rapid wick-and-flush (needle) type of shakeout. In the evening, the key focus is on unusual fluctuations in US Treasury yields.
If it rebounds to around 4600—4620, you may place a buy order with the comment “布菊箜單”.
Targets: around 4585, 4560, and 4530. #外汇黄金 #GOLD
Today, gold prices continued to surge and rise, with the price consistently breaking into the high-level range. However, after the continuous rally, the bullish momentum has long since been overextended.
Throughout the day, repeated attempts to push higher met with pressure. The candlesticks kept forming long upper shadows. The rebound highs stepped downward one after another, and a top-double-top suppression structure gradually took shape. After a continuous large rise on the daily chart, the market has entered an extremely overbought area; technically, the need for a pullback and correction is very strong. In the evening, there are no conditions for continuously chasing higher prices.
Today is Friday’s week-end close. At high levels, a large amount of long-profit-taking positions has piled up. In the latter half of the US session, it is easy to see a pattern of rally-followed-by-failure, with a rapid wick-and-flush (needle) type of shakeout. In the evening, the key focus is on unusual fluctuations in US Treasury yields.
If it rebounds to around 4600—4620, you may place a buy order with the comment “布菊箜單”.
Targets: around 4585, 4560, and 4530. #外汇黄金 #GOLD