Gold Intraday Thoughts (9/28):
(These daily thoughts are only my personal chart-analysis notes and do not constitute follow-trading advice. Trading involves risk—please consider the risk first!)
Gold opened with a gap down and continued to weaken.
Under these circumstances, we should first identify support below:
4220 is the position I’ve been emphasizing recently.
Why do we keep saying 4220?
1. From the candlestick energy conversion, feel that this zone is relatively important;
2. Fibonacci validation—sure enough, it also aligns with the 0.236 level.
The recent low just printed at 4228. This level is the rally-start point from August 7.
Whether it is valid: wait for the Shanghai Gold (spot) open to confirm.
If, after the Shanghai Gold open, gold rebounds upward, watch for resistance from the early-morning gap-down area at 4285.
If price can break above, we won’t be overly optimistic about highs intraday for the moment.
If it breaks below 4220, then focus on a rebound around the 4200 area.#XAUUSD $XAU
(These daily thoughts are only my personal chart-analysis notes and do not constitute follow-trading advice. Trading involves risk—please consider the risk first!)
Gold opened with a gap down and continued to weaken.
Under these circumstances, we should first identify support below:
4220 is the position I’ve been emphasizing recently.
Why do we keep saying 4220?
1. From the candlestick energy conversion, feel that this zone is relatively important;
2. Fibonacci validation—sure enough, it also aligns with the 0.236 level.
The recent low just printed at 4228. This level is the rally-start point from August 7.
Whether it is valid: wait for the Shanghai Gold (spot) open to confirm.
If, after the Shanghai Gold open, gold rebounds upward, watch for resistance from the early-morning gap-down area at 4285.
If price can break above, we won’t be overly optimistic about highs intraday for the moment.
If it breaks below 4220, then focus on a rebound around the 4200 area.#XAUUSD $XAU