Gold intraday outlook (9/23):
(Daily thoughts are only personal chart-recording and analysis; not a basis for following trades. Trading involves risk—please consider risk first!)
Gold has been swinging violently this week, but the main direction still appears bullish and there seems to be no major issue for now.
Gold currently has the conditions to continue breaking above 4400. After the break, the target remains the same—still looking toward 4470. In the middle, 4430 is a relatively important resistance zone where there may be back-and-forth price action.
Yesterday’s main resistance at 4343 has turned into today’s main support. For short-term long positions, you can consider entering around this level;
The 4375–78 area is the resistance that needs to be surpassed before breaking through 4400.
This resistance has been suppressing gold for two days, but the upside momentum from gold’s rise from 4291 yesterday may make breaking through this resistance only a matter of time.
On the daily chart, the momentum for the bulls is currently fairly strong. This time, the target of breaking above 4400 may be achieved #XAUUSD $XAU
(Daily thoughts are only personal chart-recording and analysis; not a basis for following trades. Trading involves risk—please consider risk first!)
Gold has been swinging violently this week, but the main direction still appears bullish and there seems to be no major issue for now.
Gold currently has the conditions to continue breaking above 4400. After the break, the target remains the same—still looking toward 4470. In the middle, 4430 is a relatively important resistance zone where there may be back-and-forth price action.
Yesterday’s main resistance at 4343 has turned into today’s main support. For short-term long positions, you can consider entering around this level;
The 4375–78 area is the resistance that needs to be surpassed before breaking through 4400.
This resistance has been suppressing gold for two days, but the upside momentum from gold’s rise from 4291 yesterday may make breaking through this resistance only a matter of time.
On the daily chart, the momentum for the bulls is currently fairly strong. This time, the target of breaking above 4400 may be achieved #XAUUSD $XAU