8.26 Chen Jie Morning Analysis
Market focus has shifted to tonight’s release of the US July Core PCE price index (expected 3.30%). Although ETF holdings saw a slight decline (-1.14 tons), central bank reserves remain solid and provide support (+19.91 tons). After a morning surge to 4673.74, prices met resistance and fell back. They are now below the 4650 level and testing support around 4645. This pullback is a normal “shakeout” before the European session. Overall, the market trend remains: pull back, stabilize, and stay bullish with a range-bound upside bias.
On the 15-minute chart, consecutive bearish candles push price toward the oversold area near the lower band. On the 1-hour chart, price is testing the confluence of the 1H Bollinger middle band and the MA20 (4643.87), where there is very strong first-layer buying support.
On the 4-hour chart, MA20 (4618.55) together with the daily MA5 (4615.72) forms an essential, unbreakable core bullish defense zone on the downside. The larger-timeframe primary rally structure remains intact.
Trading Strategy
Do longs around 4625–4645, aiming for 4675–4705, and 4740. For risk control: 4610#xau $XAU
Market focus has shifted to tonight’s release of the US July Core PCE price index (expected 3.30%). Although ETF holdings saw a slight decline (-1.14 tons), central bank reserves remain solid and provide support (+19.91 tons). After a morning surge to 4673.74, prices met resistance and fell back. They are now below the 4650 level and testing support around 4645. This pullback is a normal “shakeout” before the European session. Overall, the market trend remains: pull back, stabilize, and stay bullish with a range-bound upside bias.
On the 15-minute chart, consecutive bearish candles push price toward the oversold area near the lower band. On the 1-hour chart, price is testing the confluence of the 1H Bollinger middle band and the MA20 (4643.87), where there is very strong first-layer buying support.
On the 4-hour chart, MA20 (4618.55) together with the daily MA5 (4615.72) forms an essential, unbreakable core bullish defense zone on the downside. The larger-timeframe primary rally structure remains intact.
Trading Strategy
Do longs around 4625–4645, aiming for 4675–4705, and 4740. For risk control: 4610#xau $XAU
