8.28 Gold Morning Outlook:
Last night, gold prices surged to 4618 but met resistance and pulled back. In the short term, the price continued to drop, breaking below the Bollinger middle band. The Bollinger Bands have turned downward, and the market’s focus has been shifting lower.
The MACD’s two lines diverge downward, indicating that bearish momentum is being released.
On the 4-hour timeframe, price is trading below the moving averages under pressure, and the recent highs keep making lower moves. Upward momentum is weakening, so the high-level pullback and correction continues.
From a technical perspective, bearish strength persists and price action remains weak and trending downward. The Bollinger Band channel points downward; price oscillates between the middle band and the lower band, forming a ranging box, with the market’s focus continuing to shift lower. For the short term, prioritize a sell-the-rip approach.
Trading Suggestions:
Sell on rebounds near 4600 with targets at 4500-4530; place resistance at 4610 for risk control
#XAU
Last night, gold prices surged to 4618 but met resistance and pulled back. In the short term, the price continued to drop, breaking below the Bollinger middle band. The Bollinger Bands have turned downward, and the market’s focus has been shifting lower.
The MACD’s two lines diverge downward, indicating that bearish momentum is being released.
On the 4-hour timeframe, price is trading below the moving averages under pressure, and the recent highs keep making lower moves. Upward momentum is weakening, so the high-level pullback and correction continues.
From a technical perspective, bearish strength persists and price action remains weak and trending downward. The Bollinger Band channel points downward; price oscillates between the middle band and the lower band, forming a ranging box, with the market’s focus continuing to shift lower. For the short term, prioritize a sell-the-rip approach.
Trading Suggestions:
Sell on rebounds near 4600 with targets at 4500-4530; place resistance at 4610 for risk control
#XAU