8/21 Morning Market Outlook and Strategy:
Gold prices previously bottomed out and rebounded, completing a strong upward move. They are currently consolidating sideways in a high-range area, with the current price at 4523.83. The one-hour moving averages are generally trending upward, and the price remains above the 5/10-period moving averages. The broader bullish trend remains dominant, but pressure is approaching from the previous high, and the upward momentum has slowed somewhat, entering a high-level tug-of-war phase.
Short-term resistance above: 4540-4542, the key previous high for this move; a breakout is needed to open up further upside;
Short-term support below: 4511-4522, with 4499 as the key defensive level. Once this level breaks, the short-term bullish momentum will be disrupted, triggering a deeper pullback.
Recommendation
4480-4510 long Target 4550, 4570$XAUT #黄金
Gold prices previously bottomed out and rebounded, completing a strong upward move. They are currently consolidating sideways in a high-range area, with the current price at 4523.83. The one-hour moving averages are generally trending upward, and the price remains above the 5/10-period moving averages. The broader bullish trend remains dominant, but pressure is approaching from the previous high, and the upward momentum has slowed somewhat, entering a high-level tug-of-war phase.
Short-term resistance above: 4540-4542, the key previous high for this move; a breakout is needed to open up further upside;
Short-term support below: 4511-4522, with 4499 as the key defensive level. Once this level breaks, the short-term bullish momentum will be disrupted, triggering a deeper pullback.
Recommendation
4480-4510 long Target 4550, 4570$XAUT #黄金
