9、Morning Market Trend Analysis Strategy (August 16)
After a slight low opening in the morning, prices moved in a downward oscillation. On the one-hour timeframe, the moving averages are tangled and stuck together. The 5-, 10-, and 20-day moving averages lie above the price, forming a pressure zone. In the short term, bullish and bearish forces are fiercely competing, and the overall market is currently in a low-range consolidation pattern with no clear one-way direction.
The immediate overhead resistance is 4288-4291 (the 20-/10-day moving averages). The intraday high at 4299 is strong resistance. The first support below is 4280.6. The key defensive support is 4253.59, the prior swing low. Once this level is broken, downside room for a pullback will open up.
After the earlier decline, the chart has entered a consolidation and rest phase. Upside recovery is limited, and this is essentially sideways consolidation following a drop. You need to wait for a breakout to determine the next direction.
Recommendation
Go long at 4278-4257 with a stop loss below 4252. Target 4288-4310. #黄金 $XAU
After a slight low opening in the morning, prices moved in a downward oscillation. On the one-hour timeframe, the moving averages are tangled and stuck together. The 5-, 10-, and 20-day moving averages lie above the price, forming a pressure zone. In the short term, bullish and bearish forces are fiercely competing, and the overall market is currently in a low-range consolidation pattern with no clear one-way direction.
The immediate overhead resistance is 4288-4291 (the 20-/10-day moving averages). The intraday high at 4299 is strong resistance. The first support below is 4280.6. The key defensive support is 4253.59, the prior swing low. Once this level is broken, downside room for a pullback will open up.
After the earlier decline, the chart has entered a consolidation and rest phase. Upside recovery is limited, and this is essentially sideways consolidation following a drop. You need to wait for a breakout to determine the next direction.
Recommendation
Go long at 4278-4257 with a stop loss below 4252. Target 4288-4310. #黄金 $XAU
