9.23|Gold daily outlook

After yesterday’s gold price dipped to support and rebounded, the short-term market has entered a consolidation and repair phase. The rebound momentum has slowed somewhat, and the resistance zone above remains intact.

Today’s key approach: don’t chase longs blindly. Focus on the resistance around 4372. If the rebound stalls and turns into consolidation under pressure, the priority is to consider selling short from the top. Only if price holds above the resistance level will additional upside space for the long rebound open up. On the downside, first watch support at 4338. Once there is a valid breakdown, the pace of this rebound will weaken, and the price may retest the 4300 level again.

On the news front, pay close attention to U.S. economic data in the U.S. session and remarks from Federal Reserve officials, as they are likely to cause gold prices to swing back and forth in the short term. In a range-bound market, the worst thing is to open positions too frequently. Be patient and wait for key level signals. When entering, make sure you have solid downside protection—risk control comes first.
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