9.14 Chen Jie Morning Analysis
The central bank’s reserves have continued to increase to +20.22 tons, providing underlying support. Gold ETFs saw a decline of -2.85 tons in a single day. This week brings the global super central bank week; ahead of the major decisions, the main trading activity tends to be cautious. Early in the session, price converged and oscillated in the 4328–4347 range, and it is currently consolidating around 4343. The day’s main tone is: after breaking the narrow morning range and then seeing a rebound with expanding volume, resistance will be tested; watch for a deep dip to bottom and a rebound.
The 1-hour Bollinger middle rail (4352) is the first weak resistance for the day. Strong resistance is concentrated around the neckline that was broken on Friday’s rebound and the 4-hour Bollinger middle rail region (4368–4378).
The 1-hour Bollinger lower rail (4316.59) and the 4-hour Bollinger lower rail (4310.58) create a resonance zone. If price breaks below, a solid rebound buying interest is expected in the 4305–4315 area.
Trading Plan
Do long/ buy setups around 4365–4375; target 4335–4305–4275; place stop-loss at 4386.
Do long/ buy setups around 4305–4315; target 4345–4375–4405; place stop-loss at 4288#xau $XAU
The central bank’s reserves have continued to increase to +20.22 tons, providing underlying support. Gold ETFs saw a decline of -2.85 tons in a single day. This week brings the global super central bank week; ahead of the major decisions, the main trading activity tends to be cautious. Early in the session, price converged and oscillated in the 4328–4347 range, and it is currently consolidating around 4343. The day’s main tone is: after breaking the narrow morning range and then seeing a rebound with expanding volume, resistance will be tested; watch for a deep dip to bottom and a rebound.
The 1-hour Bollinger middle rail (4352) is the first weak resistance for the day. Strong resistance is concentrated around the neckline that was broken on Friday’s rebound and the 4-hour Bollinger middle rail region (4368–4378).
The 1-hour Bollinger lower rail (4316.59) and the 4-hour Bollinger lower rail (4310.58) create a resonance zone. If price breaks below, a solid rebound buying interest is expected in the 4305–4315 area.
Trading Plan
Do long/ buy setups around 4365–4375; target 4335–4305–4275; place stop-loss at 4386.
Do long/ buy setups around 4305–4315; target 4345–4375–4405; place stop-loss at 4288#xau $XAU
