9.24 Spot Gold Midday View
On the one-hour Bollinger Bands chart, after the gold price probed down to 4273, it rebounded slightly. It is currently consolidating and repairing near the lower Bollinger Band. The overall trend remains bearish. This move is only a short-term rebound after a selloff, not a reversal.
Resistance levels: First resistance 4290, strong resistance 4310
Support levels: First support 4273, strong support 4247
Trading idea: Continue to focus mainly on shorting on rebounds. If the price rebounds to around 4290, you can try shorting; if it keeps pushing higher to around 4310, that is also a chance to short. Initial targets: look first at 4273; if it breaks, continue lower to 4247.
If price pulls back to 4247 and stabilizes, you can play a long position in the short term. When entering, be sure to set a stop loss. $XAU
On the one-hour Bollinger Bands chart, after the gold price probed down to 4273, it rebounded slightly. It is currently consolidating and repairing near the lower Bollinger Band. The overall trend remains bearish. This move is only a short-term rebound after a selloff, not a reversal.
Resistance levels: First resistance 4290, strong resistance 4310
Support levels: First support 4273, strong support 4247
Trading idea: Continue to focus mainly on shorting on rebounds. If the price rebounds to around 4290, you can try shorting; if it keeps pushing higher to around 4310, that is also a chance to short. Initial targets: look first at 4273; if it breaks, continue lower to 4247.
If price pulls back to 4247 and stabilizes, you can play a long position in the short term. When entering, be sure to set a stop loss. $XAU
