September 28 Midnight Analysis: Bears Keep Gaining Strength, Gold Midnight Focuses on Support Below
News
During the day, gold prices saw a sharp decline. Bearish capital continued to enter the market, and selling sentiment kept intensifying. Currently, risk-off preferences in the market are weakening, and funds are continuously flowing out of precious metals, driving gold to keep printing lows. The overall news backdrop remains tilted toward bears; for now, there are no strong bullish catalysts to break the downward momentum. Volatility during the midnight session is still relatively high, so it’s important to watch for rapid rebound/whipsaw actions caused by oversold conditions.
Technical Analysis
On the hourly chart, gold has fallen from the high of 4315 all the way down, with the low reaching 4110. The Bollinger Bands remain open downward, and price is moving within a clearly defined bear-trend channel. The KDJ indicator is operating in a low range, showing slight oversold signals, suggesting there may be a chance for a short-term corrective rebound. Overall, the larger trend is still controlled by the bears. The low area is only a temporary pause; any rebound is more of a correction within the downtrend. Overhead resistance is heavy, so rebound room is unlikely to be large.
Trading Strategy
If price pulls back to around 4110 and stabilizes, consider lightly entering to bet on a rebound. Targets: 4140-4160-4180
If the rebound meets resistance in the 4160-4180 area, sell in batches. Targets: 4140-4110. If price breaks below 4100, bearish room could open further.
News
During the day, gold prices saw a sharp decline. Bearish capital continued to enter the market, and selling sentiment kept intensifying. Currently, risk-off preferences in the market are weakening, and funds are continuously flowing out of precious metals, driving gold to keep printing lows. The overall news backdrop remains tilted toward bears; for now, there are no strong bullish catalysts to break the downward momentum. Volatility during the midnight session is still relatively high, so it’s important to watch for rapid rebound/whipsaw actions caused by oversold conditions.
Technical Analysis
On the hourly chart, gold has fallen from the high of 4315 all the way down, with the low reaching 4110. The Bollinger Bands remain open downward, and price is moving within a clearly defined bear-trend channel. The KDJ indicator is operating in a low range, showing slight oversold signals, suggesting there may be a chance for a short-term corrective rebound. Overall, the larger trend is still controlled by the bears. The low area is only a temporary pause; any rebound is more of a correction within the downtrend. Overhead resistance is heavy, so rebound room is unlikely to be large.
Trading Strategy
If price pulls back to around 4110 and stabilizes, consider lightly entering to bet on a rebound. Targets: 4140-4160-4180
If the rebound meets resistance in the 4160-4180 area, sell in batches. Targets: 4140-4110. If price breaks below 4100, bearish room could open further.