Cheng Jingsheng｜September 3 Evening Spot Gold Analysis
Good evening! The morning gold price opened flat, stabilized around 4381 and rebounded, with a peak near 4443. Throughout the daytime, overall fluctuations were not large. In the European session, price remained range-bound and consolidated within 4420–4440. The trend continued the low-level rebound and repair throughout the day. However, the mid-term pressure formed by rate-hike expectations still remains; do not blindly chase longs.
Technically speaking, the 1-hour K-line is moving between the upper middle Bollinger bands. The MACD red histogram has been gradually shrinking, and the RSI is nearing the overbought zone, indicating the market has a need for a pullback and corrective repair.
At 20:30 tonight, the Initial Jobless Claims data will be released. In the early hours, the Fed Beige Book will be published. Both pieces of news will directly disturb gold price movements in the short term, but the mid-term direction will ultimately still depend on tomorrow’s NFP (Nonfarm Payrolls) to provide confirmation.
Tonight, continue to focus mainly on the idea of going short at rebound highs. When the price rebounds to the resistance zone of 4445–4465, it may face pressure; you can consider placing short positions for entry, targeting 4415 and 4400. If the 4400 level is breached, gold may further probe lower toward 4380 ↓.
There is no undefeated general in the market. Lock onto the right direction and execute immediately—align knowledge with action. With a cluster of news items landing tonight, the chart is likely to show back-and-forth “needle-like” spikes and sweepouts. Do not take large positions to gamble; set a stop-loss strictly.
The above is for market analysis and sharing only and does not constitute investment advice. Please refer to Cheng Jingsheng’s Shipan layout for details!$XAU
#XAUUSD
Good evening! The morning gold price opened flat, stabilized around 4381 and rebounded, with a peak near 4443. Throughout the daytime, overall fluctuations were not large. In the European session, price remained range-bound and consolidated within 4420–4440. The trend continued the low-level rebound and repair throughout the day. However, the mid-term pressure formed by rate-hike expectations still remains; do not blindly chase longs.
Technically speaking, the 1-hour K-line is moving between the upper middle Bollinger bands. The MACD red histogram has been gradually shrinking, and the RSI is nearing the overbought zone, indicating the market has a need for a pullback and corrective repair.
At 20:30 tonight, the Initial Jobless Claims data will be released. In the early hours, the Fed Beige Book will be published. Both pieces of news will directly disturb gold price movements in the short term, but the mid-term direction will ultimately still depend on tomorrow’s NFP (Nonfarm Payrolls) to provide confirmation.
Tonight, continue to focus mainly on the idea of going short at rebound highs. When the price rebounds to the resistance zone of 4445–4465, it may face pressure; you can consider placing short positions for entry, targeting 4415 and 4400. If the 4400 level is breached, gold may further probe lower toward 4380 ↓.
There is no undefeated general in the market. Lock onto the right direction and execute immediately—align knowledge with action. With a cluster of news items landing tonight, the chart is likely to show back-and-forth “needle-like” spikes and sweepouts. Do not take large positions to gamble; set a stop-loss strictly.
The above is for market analysis and sharing only and does not constitute investment advice. Please refer to Cheng Jingsheng’s Shipan layout for details!$XAU
#XAUUSD
