9.15 Gold Midday Analysis (Following the Morning Plan)
Earlier we mentioned that the gold price was consolidating around 4300. By midday, the price action continued in the same pattern; it has not broken out into a one-way move.
As Thursday’s early-morning FOMC interest rate decision approaches, the market is in a wait-and-see mode. Bulls and bears are tugging back and forth, and the number of pullbacks/“washouts” is increasing.
The structure on the chart remains consolidation. Resistance is at 4340–4355, and support is at 4270–4280. The bigger trend is still bearish; the current rebound is merely consolidation repair, not a trend reversal.
The trading approach stays the same: continue with short-term range-bound trading. Prefer selling on rebounds:
🔹 If it rebounds to 4340–4355 and keeps failing to rise / meets resistance, consider placing a short position. The target is 4280.
🔹 If it pulls back to 4270–4280, and if it fails to break lower and stabilizes, you can try a low-size long. The short-term view is for a rebound back to 4340.
Before the decision lands, market variables are high—don’t over-allocate. For every trade, remember to set risk controls/protective measures.
⚠️ This is only my personal review of the market, and does not constitute investment advice #XAUUSD $XAU
Earlier we mentioned that the gold price was consolidating around 4300. By midday, the price action continued in the same pattern; it has not broken out into a one-way move.
As Thursday’s early-morning FOMC interest rate decision approaches, the market is in a wait-and-see mode. Bulls and bears are tugging back and forth, and the number of pullbacks/“washouts” is increasing.
The structure on the chart remains consolidation. Resistance is at 4340–4355, and support is at 4270–4280. The bigger trend is still bearish; the current rebound is merely consolidation repair, not a trend reversal.
The trading approach stays the same: continue with short-term range-bound trading. Prefer selling on rebounds:
🔹 If it rebounds to 4340–4355 and keeps failing to rise / meets resistance, consider placing a short position. The target is 4280.
🔹 If it pulls back to 4270–4280, and if it fails to break lower and stabilizes, you can try a low-size long. The short-term view is for a rebound back to 4340.
Before the decision lands, market variables are high—don’t over-allocate. For every trade, remember to set risk controls/protective measures.
⚠️ This is only my personal review of the market, and does not constitute investment advice #XAUUSD $XAU