9.23 Chen Jie’s Morning Analysis
Today’s key focus is the initial release of the US Services PMI and remarks from Federal Reserve officials. Official reserves are solid and provide support (+20.22 tons), and ETF holdings saw net inflows of +0.57 tons. After hitting a low of 4291 yesterday, the market surged strongly in a one-way move; in the early session it exchanged hands steadily in the 4357–4369 range, and it is currently consolidating around 4365. The intraday momentum of “choppy-scarce head” is ample. The main trading approach today is to pull back to confirm moving-average support, then rebound to test the heavy pressure near the upper band—high-to-low selling and low-to-high buying.
On the 15-minute chart (4370), and the 1-hour chart’s upper Bollinger band at 4374, there is strong resistance. Further heavy pressure converges at a resonance zone where the daily Bollinger middle band (4379) and the 4-hour Bollinger upper band (4389) meet.
The 15-minute chart’s lower Bollinger band is at 4352. The 4-hour Bollinger middle band has turned upward to 4354. The breakout area of yesterday’s neckline, 4338–4348, forms a key long “core defense zone.”
Trading Strategy
Short around 4380–4390, looking for 4350–4320–4290, with defense at 4401.
Short around 4335–4345, looking for 4375–4405–4435, with defense at 4323#xau $XAU
Today’s key focus is the initial release of the US Services PMI and remarks from Federal Reserve officials. Official reserves are solid and provide support (+20.22 tons), and ETF holdings saw net inflows of +0.57 tons. After hitting a low of 4291 yesterday, the market surged strongly in a one-way move; in the early session it exchanged hands steadily in the 4357–4369 range, and it is currently consolidating around 4365. The intraday momentum of “choppy-scarce head” is ample. The main trading approach today is to pull back to confirm moving-average support, then rebound to test the heavy pressure near the upper band—high-to-low selling and low-to-high buying.
On the 15-minute chart (4370), and the 1-hour chart’s upper Bollinger band at 4374, there is strong resistance. Further heavy pressure converges at a resonance zone where the daily Bollinger middle band (4379) and the 4-hour Bollinger upper band (4389) meet.
The 15-minute chart’s lower Bollinger band is at 4352. The 4-hour Bollinger middle band has turned upward to 4354. The breakout area of yesterday’s neckline, 4338–4348, forms a key long “core defense zone.”
Trading Strategy
Short around 4380–4390, looking for 4350–4320–4290, with defense at 4401.
Short around 4335–4345, looking for 4375–4405–4435, with defense at 4323#xau $XAU
