9.9 Spot Gold Midday Outlook
Looking at the hourly Bollinger Bands: after gold found support around 4340 in the early session and rebounded, it has already booked profits from the short positions and is now testing the resistance near the Bollinger middle band to the upside.
This rebound is part of the market’s repair after a decline. The broader downtrend short-bias remains unchanged. Remember: a slow rise is often followed by a sharp fall—don’t treat this as a trend reversal.
Intraday trading approach:
- The 4410–4420 zone overhead is the core resistance area. If the rebound meets resistance here, prioritize establishing short positions.
- Downside focus is on the two support levels at 4370 and 4340. If support holds, you may continue to look for short-term long opportunities. Once these levels break, the bearish move will resume.
$XAU #XAU
Looking at the hourly Bollinger Bands: after gold found support around 4340 in the early session and rebounded, it has already booked profits from the short positions and is now testing the resistance near the Bollinger middle band to the upside.
This rebound is part of the market’s repair after a decline. The broader downtrend short-bias remains unchanged. Remember: a slow rise is often followed by a sharp fall—don’t treat this as a trend reversal.
Intraday trading approach:
- The 4410–4420 zone overhead is the core resistance area. If the rebound meets resistance here, prioritize establishing short positions.
- Downside focus is on the two support levels at 4370 and 4340. If support holds, you may continue to look for short-term long opportunities. Once these levels break, the bearish move will resume.
$XAU #XAU
