9.8 Chen Jie Morning Analysis
The central bank's reserves remain firm, continuing to increase to +20.22 tons (accumulating for 22 consecutive months), providing a solid long-term base; gold ETF outflows slow to -1.43 tons. In the early session, it surged in volume from 4406, breaking through in the short term and holding above the 4430 level. Since later this week the U.S. CPI inflation data will be a major test, during the morning the price attempts to push higher but faces resistance; the overall tone is likely consolidation and range trading.
On the 15-minute and 1-hour charts, there was a volume-led breakout through the upper Bollinger band (4426). The 15-minute RSI (70.82) has reached overbought, while the KDJ indicator is flattening at elevated levels. After the sharp rise, there is a need for a technical pullback/adjustment.
On the 4-hour chart, the candlesticks are directly and positively testing the Bollinger midline (4430.93), which is exerting strong resistance. Above, the daily MA20 and platform resistance cluster around 4445–4450. Until the midline is effectively stabilized with real body candles, do not chase after price increases.
Trading Plan
Place orders around 4430–4450 for a sell strategy, targeting 4400–4370–4340, with defense at 4462.
Place orders around 4390–4410 for a buy strategy, targeting 4440–4470–4500, with defense at 4378 #xau $XAU
The central bank's reserves remain firm, continuing to increase to +20.22 tons (accumulating for 22 consecutive months), providing a solid long-term base; gold ETF outflows slow to -1.43 tons. In the early session, it surged in volume from 4406, breaking through in the short term and holding above the 4430 level. Since later this week the U.S. CPI inflation data will be a major test, during the morning the price attempts to push higher but faces resistance; the overall tone is likely consolidation and range trading.
On the 15-minute and 1-hour charts, there was a volume-led breakout through the upper Bollinger band (4426). The 15-minute RSI (70.82) has reached overbought, while the KDJ indicator is flattening at elevated levels. After the sharp rise, there is a need for a technical pullback/adjustment.
On the 4-hour chart, the candlesticks are directly and positively testing the Bollinger midline (4430.93), which is exerting strong resistance. Above, the daily MA20 and platform resistance cluster around 4445–4450. Until the midline is effectively stabilized with real body candles, do not chase after price increases.
Trading Plan
Place orders around 4430–4450 for a sell strategy, targeting 4400–4370–4340, with defense at 4462.
Place orders around 4390–4410 for a buy strategy, targeting 4440–4470–4500, with defense at 4378 #xau $XAU
