9.29 Spot Gold (XAU/USD) Morning View
Gold opened slightly lower yesterday, rose briefly, then continued to fall sharply, breaking below the low of the inverted triangle pattern and the lower band of the daily Bollinger Bands. The daily candle closed with a long bearish body, and multiple supports were broken. Bearish pressure on the market was released in a concentrated way. Today’s rebound is considered weak corrective recovery, and the overall trend remains under pressure to the downside.
Price has already moved far below the 5-day moving average. The moving average continues to slope downward, exerting persistent downward pressure. Rebounds approaching the moving-average area fall into the bearish pressure zone, and it is difficult for the market to hold above the moving average in one step.
On the 4-hour chart, the Bollinger Bands are widening downward. Price is moving along the lower Bollinger Band, with successive lower lows—bearish trend is clear. Near-term resistance is at 4170; support is at 4110. If support is broken, more downside room will be opened.
Trading suggestion:
Short on the rebound around 4130–4150, aiming for 4100–4080–4060 $XAU
Gold opened slightly lower yesterday, rose briefly, then continued to fall sharply, breaking below the low of the inverted triangle pattern and the lower band of the daily Bollinger Bands. The daily candle closed with a long bearish body, and multiple supports were broken. Bearish pressure on the market was released in a concentrated way. Today’s rebound is considered weak corrective recovery, and the overall trend remains under pressure to the downside.
Price has already moved far below the 5-day moving average. The moving average continues to slope downward, exerting persistent downward pressure. Rebounds approaching the moving-average area fall into the bearish pressure zone, and it is difficult for the market to hold above the moving average in one step.
On the 4-hour chart, the Bollinger Bands are widening downward. Price is moving along the lower Bollinger Band, with successive lower lows—bearish trend is clear. Near-term resistance is at 4170; support is at 4110. If support is broken, more downside room will be opened.
Trading suggestion:
Short on the rebound around 4130–4150, aiming for 4100–4080–4060 $XAU
