8.21 Lingfeng Evening Analysis
Gold prices continue their choppy upward pattern, repeatedly setting new highs for the current phase. The larger-scale bullish structure remains intact. The current market is gradually approaching the key resistance level at 4601.
On the 1-hour chart: the Bollinger Band upper band is at 4587, the middle band at 4538, and the lower band at 4489. The candlesticks keep riding along the upper Bollinger band upward. The moving averages are arranged in a bullish formation, and bullish momentum still holds the upper hand. However, as price nears high-level resistance, after continuous gains a large amount of profit-taking has accumulated. In the short term, there is a need for a pullback and correction. When price is at high levels, do not blindly chase higher; the tolerance for going long is significantly reduced.
In the high zone, a spike-and-retrace “shakeout” is very likely to occur. It’s safer to wait patiently for the pullback support before arranging positions. In terms of execution: wait for a pullback and stabilization around 4550–4570 before taking a low-long entry. Targets are 4600–4620–4650.
If the real body holds steady above 4601, the bulls will further open up upside room. If there is a valid breakdown below the 1-hour Bollinger middle band at 4538, the short term will shift into a range-bound correction pattern. Evening volatility tends to increase—make sure to control position sizing and strictly adhere to risk management.#XAUUSD❤️ #XAU
Gold prices continue their choppy upward pattern, repeatedly setting new highs for the current phase. The larger-scale bullish structure remains intact. The current market is gradually approaching the key resistance level at 4601.
On the 1-hour chart: the Bollinger Band upper band is at 4587, the middle band at 4538, and the lower band at 4489. The candlesticks keep riding along the upper Bollinger band upward. The moving averages are arranged in a bullish formation, and bullish momentum still holds the upper hand. However, as price nears high-level resistance, after continuous gains a large amount of profit-taking has accumulated. In the short term, there is a need for a pullback and correction. When price is at high levels, do not blindly chase higher; the tolerance for going long is significantly reduced.
In the high zone, a spike-and-retrace “shakeout” is very likely to occur. It’s safer to wait patiently for the pullback support before arranging positions. In terms of execution: wait for a pullback and stabilization around 4550–4570 before taking a low-long entry. Targets are 4600–4620–4650.
If the real body holds steady above 4601, the bulls will further open up upside room. If there is a valid breakdown below the 1-hour Bollinger middle band at 4538, the short term will shift into a range-bound correction pattern. Evening volatility tends to increase—make sure to control position sizing and strictly adhere to risk management.#XAUUSD❤️ #XAU