9.29 Gold Morning Outlook:
Overnight, gold prices are range-bound at low levels. The hourly Bollinger Bands channel is pointing downward; the price is trading below the middle band and the bearish structure remains intact.
In the early session, weakness is expected to continue, with gold prices extending lower to test the lows.
On the hourly chart, the successive swing highs keep moving down, and price is under pressure below the short-term moving averages. MACD is below the zero line with bearish momentum increasing, and there is currently no sign of a bottoming out. Any short-term rebound is only a technical correction after the decline, not a reversal.
Trading reference:
Sell on the rebound in the 4130-4140 range, targeting 4080-4060; protect against a move above 4150
#XAU
Overnight, gold prices are range-bound at low levels. The hourly Bollinger Bands channel is pointing downward; the price is trading below the middle band and the bearish structure remains intact.
In the early session, weakness is expected to continue, with gold prices extending lower to test the lows.
On the hourly chart, the successive swing highs keep moving down, and price is under pressure below the short-term moving averages. MACD is below the zero line with bearish momentum increasing, and there is currently no sign of a bottoming out. Any short-term rebound is only a technical correction after the decline, not a reversal.
Trading reference:
Sell on the rebound in the 4130-4140 range, targeting 4080-4060; protect against a move above 4150
#XAU