Gold Intraday Thoughts (9/17):
(These daily thoughts are only personal chart-watching notes and do not constitute a basis for copy-trading. Trading involves risk—please consider risk first!)
With a rate-hike and more hawkish remarks, gold fell below the 4250 support during the early morning, but it was held up by support in the 30 area.
There was no unexpectedly accelerated selloff.
A range-bound decline is the most exhausting.
From the daily structure, gold at least needs to reach the 4170 area to be considered complete.
The 4-hour chart is also currently in a downtrend.
Today’s approach can be roughly summarized as: find the rebound point in the Asian session, then short it.
This article was posted late because earlier the Shanghai gold market open kept pushing higher.
Only after the short entry point at 4316 pulled back did I come to write X.
If the 4316 short entry point can’t work, then higher up you can look for short opportunities at 4323 and 4330.
As for how low it might go?
First, watch the support in the 4230–40 area.
If it breaks down, then pay close attention to the rebound strength at 4200 and 4170.
For this week, the target is still looking toward the 4100–4130 area.$XAU
(These daily thoughts are only personal chart-watching notes and do not constitute a basis for copy-trading. Trading involves risk—please consider risk first!)
With a rate-hike and more hawkish remarks, gold fell below the 4250 support during the early morning, but it was held up by support in the 30 area.
There was no unexpectedly accelerated selloff.
A range-bound decline is the most exhausting.
From the daily structure, gold at least needs to reach the 4170 area to be considered complete.
The 4-hour chart is also currently in a downtrend.
Today’s approach can be roughly summarized as: find the rebound point in the Asian session, then short it.
This article was posted late because earlier the Shanghai gold market open kept pushing higher.
Only after the short entry point at 4316 pulled back did I come to write X.
If the 4316 short entry point can’t work, then higher up you can look for short opportunities at 4323 and 4330.
As for how low it might go?
First, watch the support in the 4230–40 area.
If it breaks down, then pay close attention to the rebound strength at 4200 and 4170.
For this week, the target is still looking toward the 4100–4130 area.$XAU