9.16 Chen Jie Morning Analysis
In the evening, the US August retail sales will be released (expected 0.8% month-on-month). Early tomorrow morning, a major Fed policy announcement will take place. Gold ETF holdings switched to net inflows of +2.85 tons; official reserves remain at +20.22 tons to provide support. During the early session, price is consolidating narrowly between 4282–4299, currently consolidating around 4286. Ahead of major events, trading activity is restrained; the intraday tone remains one of extremes hanging (range trading), with high selling and low buying.
On the 15-minute chart (4295), and the 1-hour Bollinger midline (4289.37), there is immediate resistance. Strong resistance is in the confluence zone of the 1-hour Bollinger upper band (4311.77) and the 4-hour Bollinger midline (4316.89).
The 1-hour Bollinger lower band is at 4266.96. Yesterday’s intraday low-to-rebound formed the second-low point at 4261.31, which, together with the 4-hour lower band (4249.81), forms a solid buffer zone.
Trading Strategy
Place a short near 4305–4315, targeting 4275–4245–4215, with a stop-loss at 4327.
Place a long near 4255–4265, targeting 4295–4325–4355, with a stop-loss at 4247#xau $XAU
In the evening, the US August retail sales will be released (expected 0.8% month-on-month). Early tomorrow morning, a major Fed policy announcement will take place. Gold ETF holdings switched to net inflows of +2.85 tons; official reserves remain at +20.22 tons to provide support. During the early session, price is consolidating narrowly between 4282–4299, currently consolidating around 4286. Ahead of major events, trading activity is restrained; the intraday tone remains one of extremes hanging (range trading), with high selling and low buying.
On the 15-minute chart (4295), and the 1-hour Bollinger midline (4289.37), there is immediate resistance. Strong resistance is in the confluence zone of the 1-hour Bollinger upper band (4311.77) and the 4-hour Bollinger midline (4316.89).
The 1-hour Bollinger lower band is at 4266.96. Yesterday’s intraday low-to-rebound formed the second-low point at 4261.31, which, together with the 4-hour lower band (4249.81), forms a solid buffer zone.
Trading Strategy
Place a short near 4305–4315, targeting 4275–4245–4215, with a stop-loss at 4327.
Place a long near 4255–4265, targeting 4295–4325–4355, with a stop-loss at 4247#xau $XAU
