9.16 Morning Gold Trading Ideas
Yesterday’s overall trading was slightly weak. After testing the upside resistance, price was pressured and fell back; during the session, bulls and bears repeatedly pulled the market back and forth. Due to expectations of a higher rate from the Fed, each rebound was met with selling pressure from shorts. Although there was buying support below, price did not break down in a one-way selloff. This is a typical pre-decision “washout and consolidation” pattern: price oscillates repeatedly within a range and the battle between bulls and bears is intense.
Today there is still no major data release. The market is currently around 4286. Funds are positioning in advance for the Fed’s upcoming rate decision, so it is likely that price will continue to trade in a range. The larger picture is still held down by rate-hike expectations. Any rebounds are more likely to be short-covering repairs, not a trend reversal.
There will likely be more intraday spikes and fake breakouts. On the upside, the key focus is resistance at 4300–4320. On the downside, support to defend is 4250.
Rough setup: pull back to 4250–4270. First target: 4300. If price breaks upward in line with the move, look for 4320 and 4350.
Kong: if the rebound to 4300–4320 stalls and faces renewed pressure, set up again, with the first target at 4275.
Today is mainly for short-term trades. Don’t heavily position to bet on a one-way move. The real direction will only become clear after the outcome of the rate decision is released.
#美联储加息是否已成定局 #黄金
Yesterday’s overall trading was slightly weak. After testing the upside resistance, price was pressured and fell back; during the session, bulls and bears repeatedly pulled the market back and forth. Due to expectations of a higher rate from the Fed, each rebound was met with selling pressure from shorts. Although there was buying support below, price did not break down in a one-way selloff. This is a typical pre-decision “washout and consolidation” pattern: price oscillates repeatedly within a range and the battle between bulls and bears is intense.
Today there is still no major data release. The market is currently around 4286. Funds are positioning in advance for the Fed’s upcoming rate decision, so it is likely that price will continue to trade in a range. The larger picture is still held down by rate-hike expectations. Any rebounds are more likely to be short-covering repairs, not a trend reversal.
There will likely be more intraday spikes and fake breakouts. On the upside, the key focus is resistance at 4300–4320. On the downside, support to defend is 4250.
Rough setup: pull back to 4250–4270. First target: 4300. If price breaks upward in line with the move, look for 4320 and 4350.
Kong: if the rebound to 4300–4320 stalls and faces renewed pressure, set up again, with the first target at 4275.
Today is mainly for short-term trades. Don’t heavily position to bet on a one-way move. The real direction will only become clear after the outcome of the rate decision is released.
#美联储加息是否已成定局 #黄金