9.22 Spot Gold (XAU/USD) Evening Outlook
After gold price bottomed out at 4291, buying interest continued to step in, and it has already formed a stop-and-reverse pattern. It is currently in a pullback-and-repair phase. The main evening bias is to look for a rebound with buying on dips.
On the 4-hour timeframe, the moving averages gradually shift from falling to flattening. Price has held above the short-term moving averages. The primary resistance overhead is near 4352. As long as price stays above this level, upside space for the bulls will open further.
On the 1-hour and 15-minute timeframes, they are both following the broader-market consolidation and rebound. The lower Bollinger Band support remains effective, so short-term pullbacks should not break down deeply. The key support below is 4310. Pullbacks into this zone present an opportunity for longs to enter.
The market continues to trade expectations for Fed policy. Expectations for further rate cuts have warmed up again. Combined with ongoing dip-buying in physical gold, the fundamentals provide sustained support for gold’s upside. Any bearish news effects are likely to be brief and will only bring opportunities to get on the bullish side during pullbacks.
Trading Plan:
If price stabilizes near the 4310–4320 area, go long, targeting 4352.
If the rebound reaches around 4365, consider a short near there. $XAU
After gold price bottomed out at 4291, buying interest continued to step in, and it has already formed a stop-and-reverse pattern. It is currently in a pullback-and-repair phase. The main evening bias is to look for a rebound with buying on dips.
On the 4-hour timeframe, the moving averages gradually shift from falling to flattening. Price has held above the short-term moving averages. The primary resistance overhead is near 4352. As long as price stays above this level, upside space for the bulls will open further.
On the 1-hour and 15-minute timeframes, they are both following the broader-market consolidation and rebound. The lower Bollinger Band support remains effective, so short-term pullbacks should not break down deeply. The key support below is 4310. Pullbacks into this zone present an opportunity for longs to enter.
The market continues to trade expectations for Fed policy. Expectations for further rate cuts have warmed up again. Combined with ongoing dip-buying in physical gold, the fundamentals provide sustained support for gold’s upside. Any bearish news effects are likely to be brief and will only bring opportunities to get on the bullish side during pullbacks.
Trading Plan:
If price stabilizes near the 4310–4320 area, go long, targeting 4352.
If the rebound reaches around 4365, consider a short near there. $XAU
