8.24 Evening View
Gold is consolidating at high levels this evening. After a strong intraday push higher, profit-taking has exited the market. The pace of the rise has slowed, and the struggle between bulls and bears has intensified.
U.S. Treasury repo rates are suppressing yields and the dollar is weakening. Combined with central bank gold buying and geopolitical uncertainty in the Middle East, the medium-to-long-term support for gold remains intact.
With light incoming data, the market is mainly waiting for the Jackson Hole annual symposium. The Federal Reserve’s remarks are the key event this week. A more dovish tone would give gold room to surge higher; if signals of tightening are released, gold at the highs is more likely to pull back. Ahead of the news, volatility tends to rise. It is better not to chase gains or sell into strength impulsively—range-trading is the main approach.
On the 4-hour chart, gold has repeatedly shaken out traders in the high zone. The strength of the upside push has weakened, and indicators show a divergence warning—so do not chase new highs.
Reference: 4600–4620 with a shallow dip; defense at 4590; target 4650–4670. Breakout to be viewed at 4700#布伦特原油跌1.87% $XAU
Gold is consolidating at high levels this evening. After a strong intraday push higher, profit-taking has exited the market. The pace of the rise has slowed, and the struggle between bulls and bears has intensified.
U.S. Treasury repo rates are suppressing yields and the dollar is weakening. Combined with central bank gold buying and geopolitical uncertainty in the Middle East, the medium-to-long-term support for gold remains intact.
With light incoming data, the market is mainly waiting for the Jackson Hole annual symposium. The Federal Reserve’s remarks are the key event this week. A more dovish tone would give gold room to surge higher; if signals of tightening are released, gold at the highs is more likely to pull back. Ahead of the news, volatility tends to rise. It is better not to chase gains or sell into strength impulsively—range-trading is the main approach.
On the 4-hour chart, gold has repeatedly shaken out traders in the high zone. The strength of the upside push has weakened, and indicators show a divergence warning—so do not chase new highs.
Reference: 4600–4620 with a shallow dip; defense at 4590; target 4650–4670. Breakout to be viewed at 4700#布伦特原油跌1.87% $XAU