8/31 Morning Market Outlook Analysis Strategy:
Gold prices previously experienced a sharp pullback, reaching a low of 4432.66, with the current quote at 4461.88. In the short term, prices have staged a minor rebound and recovery.
The one-hour moving averages are bearishly aligned. The 5-period moving average has briefly turned upward, while the 10- and 20-period moving averages continue to press prices lower. The overall major trend remains bearish. The current move is only a rebound correction after the decline, not a reversal into an uptrend.
Short-term resistance above is at 4475‑4482, with stronger resistance near 4508; initial support below is at 4440, while the key defensive low is 4432. Once this level breaks, further downside will open up again.
Focus on the evening economic data, as data volatility can easily amplify market movements. Blindly chasing long positions during the rebound phase is not advisable.
Recommendation:
Short at 4475‑4495, with a stop loss above 4495; target 4440‑4432, with further downside if the level breaks. $XAUT
Gold prices previously experienced a sharp pullback, reaching a low of 4432.66, with the current quote at 4461.88. In the short term, prices have staged a minor rebound and recovery.
The one-hour moving averages are bearishly aligned. The 5-period moving average has briefly turned upward, while the 10- and 20-period moving averages continue to press prices lower. The overall major trend remains bearish. The current move is only a rebound correction after the decline, not a reversal into an uptrend.
Short-term resistance above is at 4475‑4482, with stronger resistance near 4508; initial support below is at 4440, while the key defensive low is 4432. Once this level breaks, further downside will open up again.
Focus on the evening economic data, as data volatility can easily amplify market movements. Blindly chasing long positions during the rebound phase is not advisable.
Recommendation:
Short at 4475‑4495, with a stop loss above 4495; target 4440‑4432, with further downside if the level breaks. $XAUT
