Xingran 9.30 Midday Gold Market Outlook
1. Overall, in the early phase, it remained in a prolonged sideways-to-downward movement from the high point of 4383.32. After the bearish force was released, price went down to the low of 4110.
2. After forming a bottom, it then moved into a round of bottom rebound. Consecutive small bullish candles pushed price upward and recovered part of the losses; currently, after the rebound, price is hovering and consolidating around 4179.
3. This is a bearish pullback repair after a sharp drop; the market has not truly reversed the prior larger bearish downtrend. As the rebound rises into this zone, the upward momentum starts to fade, and bulls and bears are caught in a game of tug-of-war.
Key support levels: 4140. The lifeline is the defense low at 4110. Overhead resistance: 4230–4247.
Current price is right at the upper edge of the short-term rebound platform. The near-term resistance above is the high of this rebound at 4187.
An effective bottom has formed at 4110: the lows continue to rise, and there is bottom-supportive strength. Keep engaging in the oversold rebound, leaning on the bottom support.
Trading suggestion for going long: set the stop loss below 4110; the first target for the short term is 4230, with further attention toward the 4247 resistance level.$XAU #美国8月职位空缺降至五个月低点 #股票财报季
1. Overall, in the early phase, it remained in a prolonged sideways-to-downward movement from the high point of 4383.32. After the bearish force was released, price went down to the low of 4110.
2. After forming a bottom, it then moved into a round of bottom rebound. Consecutive small bullish candles pushed price upward and recovered part of the losses; currently, after the rebound, price is hovering and consolidating around 4179.
3. This is a bearish pullback repair after a sharp drop; the market has not truly reversed the prior larger bearish downtrend. As the rebound rises into this zone, the upward momentum starts to fade, and bulls and bears are caught in a game of tug-of-war.
Key support levels: 4140. The lifeline is the defense low at 4110. Overhead resistance: 4230–4247.
Current price is right at the upper edge of the short-term rebound platform. The near-term resistance above is the high of this rebound at 4187.
An effective bottom has formed at 4110: the lows continue to rise, and there is bottom-supportive strength. Keep engaging in the oversold rebound, leaning on the bottom support.
Trading suggestion for going long: set the stop loss below 4110; the first target for the short term is 4230, with further attention toward the 4247 resistance level.$XAU #美国8月职位空缺降至五个月低点 #股票财报季
