9.2 Chen Jie Morning Analysis
Tonight, the market will focus on the U.S. August small non-farm ADP employment data. Although gold ETF holdings were increased again by +4.28 tons, and central bank reserves remained steady to provide support (+19.91 tons), the spot market is still suppressed by expectations for Federal Reserve policy and technical breakdown selling. From the highs, price has continued to trend down in a single direction. After dipping to 4316.24 early in the session, price saw weak consolidation around 4329. The larger time-frame “qin tou” (bearish head) dominates clearly. During the day, bullish attempts remain under pressure; follow the “qin zhu” main tone and trade in line with it for a rebound with a downside bias.
The daily K-line body breaks below the daily MA20 and the Bollinger midline (4446), opening up room for a medium-term decline. On the 4-hour chart, the K-lines are continuously suppressed and trending downward along MA5 (4346.22), and the moving averages show a standard “qin tou” divergence.
On the 1-hour chart, MA10 (4339.71) and the 4-hour MA5 (4346) form the first strong resistance zone at 4340–4350. The 1H MA20 (4366) forms a “duo tou” type barrier that is difficult to break through.
Trading Strategy
In the 4340–4360 area, look for a “qin” setup. Target 4310–4280–4250. Defense: 4375 #xau $XAU
Tonight, the market will focus on the U.S. August small non-farm ADP employment data. Although gold ETF holdings were increased again by +4.28 tons, and central bank reserves remained steady to provide support (+19.91 tons), the spot market is still suppressed by expectations for Federal Reserve policy and technical breakdown selling. From the highs, price has continued to trend down in a single direction. After dipping to 4316.24 early in the session, price saw weak consolidation around 4329. The larger time-frame “qin tou” (bearish head) dominates clearly. During the day, bullish attempts remain under pressure; follow the “qin zhu” main tone and trade in line with it for a rebound with a downside bias.
The daily K-line body breaks below the daily MA20 and the Bollinger midline (4446), opening up room for a medium-term decline. On the 4-hour chart, the K-lines are continuously suppressed and trending downward along MA5 (4346.22), and the moving averages show a standard “qin tou” divergence.
On the 1-hour chart, MA10 (4339.71) and the 4-hour MA5 (4346) form the first strong resistance zone at 4340–4350. The 1H MA20 (4366) forms a “duo tou” type barrier that is difficult to break through.
Trading Strategy
In the 4340–4360 area, look for a “qin” setup. Target 4310–4280–4250. Defense: 4375 #xau $XAU
