August 26 Zheng Chen’s Morning Thoughts: Rose to 4696.74 and met resistance, then pulled back; gold is waiting for PCE to set the direction
This information is for reference only and does not constitute investment advice
Overnight, gold prices surged to a high of 4696.74 but failed to hold above it; afterward, it came under pressure and declined. It is currently consolidating around 4669.96, with a modest intraday gain of 0.24%.
After the previous round of a sharp rally, competition between bulls and bears has intensified. Next, the market will mainly focus on the PCE inflation data. The results will directly affect expectations for Federal Reserve policy, which will guide the subsequent trend in gold.
Overall, price action is moving within a high-range band. Avoid chasing prices blindly. The prior high at 4696.74 presents significant overhead resistance, while support is clear below. In the short term, it is likely to remain in a sideways “grinding” consolidation pattern.
In terms of trading: if price retraces to the 4640–4660 area and stabilizes, a long position can be considered. The targets are 4680–4700.#黄金
This information is for reference only and does not constitute investment advice
Overnight, gold prices surged to a high of 4696.74 but failed to hold above it; afterward, it came under pressure and declined. It is currently consolidating around 4669.96, with a modest intraday gain of 0.24%.
After the previous round of a sharp rally, competition between bulls and bears has intensified. Next, the market will mainly focus on the PCE inflation data. The results will directly affect expectations for Federal Reserve policy, which will guide the subsequent trend in gold.
Overall, price action is moving within a high-range band. Avoid chasing prices blindly. The prior high at 4696.74 presents significant overhead resistance, while support is clear below. In the short term, it is likely to remain in a sideways “grinding” consolidation pattern.
In terms of trading: if price retraces to the 4640–4660 area and stabilizes, a long position can be considered. The targets are 4680–4700.#黄金
