8.24 Spot Gold (XAU/USD) Morning View
Gold prices continue to rise strongly, repeatedly hitting fresh highs, and the long-term bullish trend remains solid.
However, indicators across multiple timeframes are still in overbought conditions, and upward momentum has started to weaken. In the short term, be cautious of a spike followed by a pullback; avoid chasing the price and mainly wait for a retracement to support before entering.
The 5-, 10-, and 20-day moving averages remain in an upward alignment. The price is holding above all of the moving averages. The large-scale bullish support remains intact, and the moving-average area is an important zone for pullback and re-engagement.
The Bollinger Bands’ channel is opening upward. Price is running close to the upper band, and the upward channel remains intact. There is strong resistance near the upper band.
The MACD’s two lines remain above the zero axis. The red histogram bars have started to contract, indicating that bullish momentum has weakened compared with the earlier period.
The KDJ indicators continue to run in the high overbought range, operating in a “stalled” (blunted) mode. There is always the possibility of a turnaround pullback for correction and repair at any time.
Trading suggestion: Buy on pullback and consolidation around 4600–4615. Targets: 4640. If it breaks out, look for 4660 and 4680. $XAU
Gold prices continue to rise strongly, repeatedly hitting fresh highs, and the long-term bullish trend remains solid.
However, indicators across multiple timeframes are still in overbought conditions, and upward momentum has started to weaken. In the short term, be cautious of a spike followed by a pullback; avoid chasing the price and mainly wait for a retracement to support before entering.
The 5-, 10-, and 20-day moving averages remain in an upward alignment. The price is holding above all of the moving averages. The large-scale bullish support remains intact, and the moving-average area is an important zone for pullback and re-engagement.
The Bollinger Bands’ channel is opening upward. Price is running close to the upper band, and the upward channel remains intact. There is strong resistance near the upper band.
The MACD’s two lines remain above the zero axis. The red histogram bars have started to contract, indicating that bullish momentum has weakened compared with the earlier period.
The KDJ indicators continue to run in the high overbought range, operating in a “stalled” (blunted) mode. There is always the possibility of a turnaround pullback for correction and repair at any time.
Trading suggestion: Buy on pullback and consolidation around 4600–4615. Targets: 4640. If it breaks out, look for 4660 and 4680. $XAU
