9.28 Spot Gold (XAU/USD) Market Outlook
Last week, gold saw a slight sideways-to-downward move. The weekly chart closed with a small-bodied, headless bearish candle, and the overall range was not large.
Gold is currently still maintaining a broad, range-bound consolidation on the weekly timeframe. The short-term moving averages have started to curl downward, and the price is gradually coming under pressure. The short-term moving averages remain relatively weak. In the near term, focus on support around the 4200 area.
On the daily timeframe, the current price center of gravity has begun to shift downward. For the time being, price is being supported in the 4240–4250 area. The daily chart is gradually forming a small descending triangle pattern. Next week, pay attention to the possibility of a modest breakdown followed by continuation of the downward move.
On the 4-hour timeframe, it is currently holding within a relatively narrow range of consolidation. Price is temporarily compressed between 4280 and 4320. As of the time of writing, the international after-hours market has posted a modest decline. On Monday, check the opening conditions.
Trading Suggestions:
Sell near 4295–4320, targeting 4250–4220.$XAU
Last week, gold saw a slight sideways-to-downward move. The weekly chart closed with a small-bodied, headless bearish candle, and the overall range was not large.
Gold is currently still maintaining a broad, range-bound consolidation on the weekly timeframe. The short-term moving averages have started to curl downward, and the price is gradually coming under pressure. The short-term moving averages remain relatively weak. In the near term, focus on support around the 4200 area.
On the daily timeframe, the current price center of gravity has begun to shift downward. For the time being, price is being supported in the 4240–4250 area. The daily chart is gradually forming a small descending triangle pattern. Next week, pay attention to the possibility of a modest breakdown followed by continuation of the downward move.
On the 4-hour timeframe, it is currently holding within a relatively narrow range of consolidation. Price is temporarily compressed between 4280 and 4320. As of the time of writing, the international after-hours market has posted a modest decline. On Monday, check the opening conditions.
Trading Suggestions:
Sell near 4295–4320, targeting 4250–4220.$XAU
