August 27 Zheng Chen morning thoughts: Rally hits resistance and sees a sharp pullback. Gold spot price at 4605 is waiting for direction to be chosen
The information is for reference only and does not constitute investment advice
Overnight, gold prices rose to around 4696 and then faced resistance. A large number of long positions took profit and were liquidated in a concentrated way, causing gold to experience a rapid pullback. Current spot price is 4605, and the short-term chart is clearly weakening.
On the larger timeframe, the bullish structure has not been fully broken, but the upward momentum has clearly diminished in the short term. The market remains focused on inflation-related data, which will directly affect expectations for the Fed’s policy and determine whether gold can return to an upward channel.
Technically: The 4660-4680 zone overhead forms strong short-term resistance. 4600 is the key pivot between bulls and bears right now. If it breaks down effectively, the downside retracement room will open further. Therefore, don’t blindly bottom-fish during the day.
In terms of trading: If rebounds into the 4660-4680 range face pressure, you can consider placing short orders, targeting 4620-4600. If 4600 support holds and stabilizes, then consider a low-bid long for a rebound, and make sure to manage risk strictly.#黄金
The information is for reference only and does not constitute investment advice
Overnight, gold prices rose to around 4696 and then faced resistance. A large number of long positions took profit and were liquidated in a concentrated way, causing gold to experience a rapid pullback. Current spot price is 4605, and the short-term chart is clearly weakening.
On the larger timeframe, the bullish structure has not been fully broken, but the upward momentum has clearly diminished in the short term. The market remains focused on inflation-related data, which will directly affect expectations for the Fed’s policy and determine whether gold can return to an upward channel.
Technically: The 4660-4680 zone overhead forms strong short-term resistance. 4600 is the key pivot between bulls and bears right now. If it breaks down effectively, the downside retracement room will open further. Therefore, don’t blindly bottom-fish during the day.
In terms of trading: If rebounds into the 4660-4680 range face pressure, you can consider placing short orders, targeting 4620-4600. If 4600 support holds and stabilizes, then consider a low-bid long for a rebound, and make sure to manage risk strictly.#黄金
