8.28 Gold Midday Market Analysis
In the Asian session, gold prices saw mild back-and-forth consolidation, with trading repeatedly tugging around the 4580 level during midday. In the broader cycle, the long-term base support remains intact; after the earlier pullback, the market has entered a waiting phase. The market focus is on the key remarks at the Jackson Hole annual conference tonight. Trading is overall cautious, with frequent chart washouts. It is not recommended to enter directly at mid-range prices; Shanghai gold is also fluctuating and undergoing consolidation.
News: Earlier employment data came in relatively strong, which exerts some downward pressure on gold. The market is waiting for tonight’s important speech at the annual conference; the wording will directly affect market expectations and can easily trigger rapid swings. Global central bank purchases of gold and geopolitical factors continue to provide medium- to long-term support, while fluctuations in the US dollar and US Treasuries continue to disrupt short-term timing.
Technical outlook: The daily chart shows consolidation in a high range. On the hourly chart, there is repeated contention around 4600–4610. This zone is the short-term threshold for strength and weakness. If it holds, the up-move can continue with repair; if the real body effectively breaks below, the room for a pullback will be further magnified.
Key Levels
Resistance: 4625–4635, 4655
Support: 4575–4585, 4545
Trading Reference
If there is a pullback to 4575–4585 and it stabilizes, expect a move toward 4620 and 4635; keep risk below 4545.
If the price rebounds into 4625–4635 and faces pressure, targets are 4590 and 4560; keep risk above 4655.
If the real body breaks below 4545, the pullback will deepen—therefore the momentum-long idea is temporarily put on hold.
In the Asian session, gold prices saw mild back-and-forth consolidation, with trading repeatedly tugging around the 4580 level during midday. In the broader cycle, the long-term base support remains intact; after the earlier pullback, the market has entered a waiting phase. The market focus is on the key remarks at the Jackson Hole annual conference tonight. Trading is overall cautious, with frequent chart washouts. It is not recommended to enter directly at mid-range prices; Shanghai gold is also fluctuating and undergoing consolidation.
News: Earlier employment data came in relatively strong, which exerts some downward pressure on gold. The market is waiting for tonight’s important speech at the annual conference; the wording will directly affect market expectations and can easily trigger rapid swings. Global central bank purchases of gold and geopolitical factors continue to provide medium- to long-term support, while fluctuations in the US dollar and US Treasuries continue to disrupt short-term timing.
Technical outlook: The daily chart shows consolidation in a high range. On the hourly chart, there is repeated contention around 4600–4610. This zone is the short-term threshold for strength and weakness. If it holds, the up-move can continue with repair; if the real body effectively breaks below, the room for a pullback will be further magnified.
Key Levels
Resistance: 4625–4635, 4655
Support: 4575–4585, 4545
Trading Reference
If there is a pullback to 4575–4585 and it stabilizes, expect a move toward 4620 and 4635; keep risk below 4545.
If the price rebounds into 4625–4635 and faces pressure, targets are 4590 and 4560; keep risk above 4655.
If the real body breaks below 4545, the pullback will deepen—therefore the momentum-long idea is temporarily put on hold.
