8.24 Gold Evening View:
On the hourly chart, the market is still holding an overall high-range consolidation with a bullish bias. Lows keep rising, and the larger upward trend has not been broken.
However, the KDJ indicator has turned downward, suggesting a short-term pullback is needed to digest the move. The prior high above forms short-term strong resistance. Don’t blindly chase higher prices—wait for the pullback and then reassess.
After a continuous big rally, the candlestick body has narrowed, and upward momentum is weakening. At high levels, the market is stalling.
It remains a high-level range within the bullish trend; a reversal has not been confirmed, and there is a need for profit-taking and correction.
Trading plan: sell at the top of the range and buy near the bottom. Prefer to sell short on rebounds. If the price pulls back and stabilizes around 4580, you can consider going long.
Sell short on rebounds around 4660–4670, with targets at 4600–4580. Stop-loss/defense at 4680.
#XAU
On the hourly chart, the market is still holding an overall high-range consolidation with a bullish bias. Lows keep rising, and the larger upward trend has not been broken.
However, the KDJ indicator has turned downward, suggesting a short-term pullback is needed to digest the move. The prior high above forms short-term strong resistance. Don’t blindly chase higher prices—wait for the pullback and then reassess.
After a continuous big rally, the candlestick body has narrowed, and upward momentum is weakening. At high levels, the market is stalling.
It remains a high-level range within the bullish trend; a reversal has not been confirmed, and there is a need for profit-taking and correction.
Trading plan: sell at the top of the range and buy near the bottom. Prefer to sell short on rebounds. If the price pulls back and stabilizes around 4580, you can consider going long.
Sell short on rebounds around 4660–4670, with targets at 4600–4580. Stop-loss/defense at 4680.
#XAU