8.28 The bears are still at home
Yesterday, gold overall maintained a high-level sideways-to-lower pattern. The prior rebound that tested around 4643 met resistance. Pressured by disappointing initial jobless claims data, the bulls found it hard to push higher and were unable to further expand upward.
On the 4-hour timeframe, during the session price dipped to test support near the lows, and into the close it kept a narrow-range consolidation. Overall, the trend remains weak—typical of digestion after a spike. Bulls and bears have entered a phase of contention, and in the short term, bullish momentum has clearly weakened.
Trading suggestion: Sell short from 4610–4630. Stop loss: above 4640. Targets: 4570–4550.
(For reference only—everything should be based on live trading.) #XAU $XAU
Yesterday, gold overall maintained a high-level sideways-to-lower pattern. The prior rebound that tested around 4643 met resistance. Pressured by disappointing initial jobless claims data, the bulls found it hard to push higher and were unable to further expand upward.
On the 4-hour timeframe, during the session price dipped to test support near the lows, and into the close it kept a narrow-range consolidation. Overall, the trend remains weak—typical of digestion after a spike. Bulls and bears have entered a phase of contention, and in the short term, bullish momentum has clearly weakened.
Trading suggestion: Sell short from 4610–4630. Stop loss: above 4640. Targets: 4570–4550.
(For reference only—everything should be based on live trading.) #XAU $XAU
