9.24 Spot gold (XAU/USD) morning outlook
Yesterday, gold broke down and moved lower as the bears gathered strength, disrupting the short-term range-bound structure. Gold’s highest reached 4369; after a push higher, it continued to fall, with the low dipping to 4274. It closed as a strong bearish candle (large-bodied), closing at 4287, confirming the bearish trend.
On the daily chart, the rebound expectation from the previous day’s long lower-wick cross failed. Price directly broke down, bullish support did not hold, selling pressure released heavily, and the market completed a shift from bulls to bears, setting up subsequent downside action.
On the 4-hour chart, the structure is weak and downward. Price is trading below the moving averages, rebounds are feeble, and the current movement is merely a minor correction during the decline, unable to change the bear-dominated outlook.
Intraday trading plan:
As the market turns bearish, prioritize selling on rallies. Look for sell entries by placing orders in the 4310–4333 resistance zone. Targets are 4280–4260–4240.
If price touches 4230–4233 or around 4208, you may consider going long at lower levels. $XAU
Yesterday, gold broke down and moved lower as the bears gathered strength, disrupting the short-term range-bound structure. Gold’s highest reached 4369; after a push higher, it continued to fall, with the low dipping to 4274. It closed as a strong bearish candle (large-bodied), closing at 4287, confirming the bearish trend.
On the daily chart, the rebound expectation from the previous day’s long lower-wick cross failed. Price directly broke down, bullish support did not hold, selling pressure released heavily, and the market completed a shift from bulls to bears, setting up subsequent downside action.
On the 4-hour chart, the structure is weak and downward. Price is trading below the moving averages, rebounds are feeble, and the current movement is merely a minor correction during the decline, unable to change the bear-dominated outlook.
Intraday trading plan:
As the market turns bearish, prioritize selling on rallies. Look for sell entries by placing orders in the 4310–4333 resistance zone. Targets are 4280–4260–4240.
If price touches 4230–4233 or around 4208, you may consider going long at lower levels. $XAU
