9.24 Chenyu View of Gold: Early-session rally after a dip in gold prices; short-term bias turns bullish
This morning, spot gold first weakened, probed a low, and then stabilized and repaired, with the latest price at 4298.44. After the pullback from the previous trading day released pressure, buy orders at lower levels stepped in actively. As a result, the price center of gravity lifted, and the short-term initiative is gradually returning to the bulls. Overall, the frontline between bulls and bears has shifted upward.
On the 5-minute timeframe, the Bollinger Bands widen upward; the candles continue to move above the middle band. The MACD histogram’s red bars strengthen one by one, and the RSI rises into a relatively strong zone. The rebound in the short term still has sufficiently strong momentum. Resistance at 4296—4299 is the first key gate for this upswing; support at 4284—4290 forms the short-term defense zone, while 4283 is the more critical support level.
Trading suggestion: On pullbacks, if 4280—4290 holds steady, look to open long positions with targets at 4300, 4320, and 4340. #BTC
This morning, spot gold first weakened, probed a low, and then stabilized and repaired, with the latest price at 4298.44. After the pullback from the previous trading day released pressure, buy orders at lower levels stepped in actively. As a result, the price center of gravity lifted, and the short-term initiative is gradually returning to the bulls. Overall, the frontline between bulls and bears has shifted upward.
On the 5-minute timeframe, the Bollinger Bands widen upward; the candles continue to move above the middle band. The MACD histogram’s red bars strengthen one by one, and the RSI rises into a relatively strong zone. The rebound in the short term still has sufficiently strong momentum. Resistance at 4296—4299 is the first key gate for this upswing; support at 4284—4290 forms the short-term defense zone, while 4283 is the more critical support level.
Trading suggestion: On pullbacks, if 4280—4290 holds steady, look to open long positions with targets at 4300, 4320, and 4340. #BTC