8.31 Spot Gold (XAU/USD) Evening Outlook
After dipping to 4396 during the day, gold prices saw a rebound and correction. Currently, the market is in a low-range rebound phase following a sharp sell-off.
The broader downtrend has not fully reversed. This rise is more of a technical repair after oversold conditions. There is heavy resistance overhead, and upside room is limited. In the evening, focus on range-bound trading; do not blindly chase long positions.
On the 4-hour chart, price is still trading below the 5-, 10-, and 20-day moving averages. Mid- to long-term moving averages continue to press downward, and the large-scale bearish structure remains intact.
The Bollinger Bands are opening downward. Prices have started rebounding from near the lower band, but they have not yet escaped the weak channel.
Trading recommendation: sell the rebound at 4468–4485, targeting 4430, 4400, and 4380. #XAUUSD
After dipping to 4396 during the day, gold prices saw a rebound and correction. Currently, the market is in a low-range rebound phase following a sharp sell-off.
The broader downtrend has not fully reversed. This rise is more of a technical repair after oversold conditions. There is heavy resistance overhead, and upside room is limited. In the evening, focus on range-bound trading; do not blindly chase long positions.
On the 4-hour chart, price is still trading below the 5-, 10-, and 20-day moving averages. Mid- to long-term moving averages continue to press downward, and the large-scale bearish structure remains intact.
The Bollinger Bands are opening downward. Prices have started rebounding from near the lower band, but they have not yet escaped the weak channel.
Trading recommendation: sell the rebound at 4468–4485, targeting 4430, 4400, and 4380. #XAUUSD
