8.27 Gold Morning Outlook:
Yesterday, Jin Chen already said that 4580 has held firm and can be used to go long. Currently, the price is around 4639, and the rally has opened up nearly 60 points of potential profit.
The price surged up to 4670 and then met resistance and pulled back. After dipping to 4583, it rebounded and entered a wide-ranging consolidation. At higher levels, selling pressure has appeared, and the pace of the upward move has slowed.
On the 15-minute cycle, price is being suppressed by the moving averages; the rebound is weak, and near-term bullish momentum is running out.
On the larger timeframe, the long-side structure has not been completely broken yet. This pullback is simply a deep shakeout after the previous upswing. The key is to watch the crucial support low at 4580 below. If it breaks down effectively, the bullish structure will be disrupted.
Trading Suggestions:
Sell on the rebound around 4655–4665 with targets at 4600–4580; defend at 4675
#XAU
Yesterday, Jin Chen already said that 4580 has held firm and can be used to go long. Currently, the price is around 4639, and the rally has opened up nearly 60 points of potential profit.
The price surged up to 4670 and then met resistance and pulled back. After dipping to 4583, it rebounded and entered a wide-ranging consolidation. At higher levels, selling pressure has appeared, and the pace of the upward move has slowed.
On the 15-minute cycle, price is being suppressed by the moving averages; the rebound is weak, and near-term bullish momentum is running out.
On the larger timeframe, the long-side structure has not been completely broken yet. This pullback is simply a deep shakeout after the previous upswing. The key is to watch the crucial support low at 4580 below. If it breaks down effectively, the bullish structure will be disrupted.
Trading Suggestions:
Sell on the rebound around 4655–4665 with targets at 4600–4580; defend at 4675
#XAU