8.25 Gold Morning Outlook:
The larger-term bullish trend is intact and complete, with the gold price holding steadily above all moving averages. The four-hour upward channel is also in good shape, and the broader bullish structure has not been broken.
However, the RSI has already moved into the overbought zone. On the one-hour timeframe, the upward momentum is starting to fade. The market is more inclined to pull back to correct and repair the indicators, building energy through consolidation while waiting for the next breakout. At this point, don’t chase the price higher. Wait for the price to retrace toward support, and we’ll look for an opportunity to re-enter the long.
Strong resistance: 4700; Key support: 4600; Strong support: 4580
Trading suggestions:
On a rebound, short from 4680–4690 under resistance; targets: 4650–4630; stop-loss: 4700.
If the price pulls back and stabilizes at 4600, go long; targets: 4650–4700; stop-loss: 4580.
#XAU
The larger-term bullish trend is intact and complete, with the gold price holding steadily above all moving averages. The four-hour upward channel is also in good shape, and the broader bullish structure has not been broken.
However, the RSI has already moved into the overbought zone. On the one-hour timeframe, the upward momentum is starting to fade. The market is more inclined to pull back to correct and repair the indicators, building energy through consolidation while waiting for the next breakout. At this point, don’t chase the price higher. Wait for the price to retrace toward support, and we’ll look for an opportunity to re-enter the long.
Strong resistance: 4700; Key support: 4600; Strong support: 4580
Trading suggestions:
On a rebound, short from 4680–4690 under resistance; targets: 4650–4630; stop-loss: 4700.
If the price pulls back and stabilizes at 4600, go long; targets: 4650–4700; stop-loss: 4580.
#XAU