9.24 Gold Morning Outlook:
Yesterday, gold continued the previous downtrend, falling to the 4274 low before finding support. With the bearish momentum largely released, price action moved out of the low zone to stage a modest rebound through consolidation.
At present, gold is already approaching the lower Bollinger Band. In the short term, there may be opportunities for a small rebound and repair. The focus is first on the 4300 near-term resistance. Strong resistance lies at 4330. If the rebound fails to break through this level, the downtrend will continue and price will test the lower lows.
On the hourly chart, the MACD two lines remain below the zero axis, while the green histogram continues to expand, indicating that bearish momentum is still dominant. The candlestick is being suppressed by short-term moving averages; the price center of gravity keeps shifting downward. Overall, the short-term trend remains weak and bearish.
Trading reference:
If rebounds encounter resistance at 4300–4320, look for targets at 4260–4230, and hold defense at 4330.
If gold breaks above 4330 and stabilizes, abandon the idea of resistance/decline.
#XAU
Yesterday, gold continued the previous downtrend, falling to the 4274 low before finding support. With the bearish momentum largely released, price action moved out of the low zone to stage a modest rebound through consolidation.
At present, gold is already approaching the lower Bollinger Band. In the short term, there may be opportunities for a small rebound and repair. The focus is first on the 4300 near-term resistance. Strong resistance lies at 4330. If the rebound fails to break through this level, the downtrend will continue and price will test the lower lows.
On the hourly chart, the MACD two lines remain below the zero axis, while the green histogram continues to expand, indicating that bearish momentum is still dominant. The candlestick is being suppressed by short-term moving averages; the price center of gravity keeps shifting downward. Overall, the short-term trend remains weak and bearish.
Trading reference:
If rebounds encounter resistance at 4300–4320, look for targets at 4260–4230, and hold defense at 4330.
If gold breaks above 4330 and stabilizes, abandon the idea of resistance/decline.
#XAU