9.9 Spot Gold Evening Outlook
On the hourly chart, you can see the Bollinger Bands: after gold started rebounding from the 4341 low, it is currently ranging and battling around the 4400 level.
Many friends may be tempted to chase longs because of the sustained rebound, but you need to distinguish the nature of the move. This is only a corrective rebound after a drop—the larger bearish structure has not been broken. If an advance is ground out over a long period, there is always the risk of a quick pullback.
Evening trading plan:
- The strong resistance zone is 4410–4418. If price pushes higher but then stalls and fails to extend, that’s our opportunity to look for short positions.
- For support below, focus on 4372 and 4341. If 4372 is broken, the bears will gain strength again and push lower.
Volatility in the US session will increase, and uncertainty on the screen will rise. Keep positions light; stops must be set. Don’t make subjective predictions in advance—wait for the chart signals to confirm before taking action $XAU
On the hourly chart, you can see the Bollinger Bands: after gold started rebounding from the 4341 low, it is currently ranging and battling around the 4400 level.
Many friends may be tempted to chase longs because of the sustained rebound, but you need to distinguish the nature of the move. This is only a corrective rebound after a drop—the larger bearish structure has not been broken. If an advance is ground out over a long period, there is always the risk of a quick pullback.
Evening trading plan:
- The strong resistance zone is 4410–4418. If price pushes higher but then stalls and fails to extend, that’s our opportunity to look for short positions.
- For support below, focus on 4372 and 4341. If 4372 is broken, the bears will gain strength again and push lower.
Volatility in the US session will increase, and uncertainty on the screen will rise. Keep positions light; stops must be set. Don’t make subjective predictions in advance—wait for the chart signals to confirm before taking action $XAU
