August 17: Gold bullish this week; today’s pullback is a buying opportunity
After opening last Friday, gold pulled back in the early session to test Monday’s low of $4,310 before reversing. It moved upward during the European and U.S. sessions, broke the intraday high during the European session, and then rallied to a new intraday high of $4,396 after the U.S. session opened before pulling back. It made a slight late-session retracement and closed at $4,375, forming an overall V-shaped reversal.
From the daily-chart perspective, gold remains in an uptrend, and this view remains unchanged. At least until gold rises to around $4,550, a major pullback is not expected.
On the four-hour chart, gold reversed upward from $4,310 last Friday. After breaking the intraday high of $4,365, it broke upward further, but stalled and faced resistance around $4,400 late in the session. This indicates that upward momentum has weakened somewhat, while the Bollinger Bands are tending to flatten, suggesting a range-bound medium-term trend.
In the short-term hourly timeframe, the Bollinger Bands are opening upward. The gold price rose slightly after the market opened, but trading volume did not follow with a breakout. The three KDJ lines are moving downward, so gold could pull back today before potentially continuing higher.
Overall, gold’s broader bullish trend remains unchanged, while the short-term trend is expected to be range-bound to upward. For intraday trading, it is advisable to buy after a pullback, with support around $4,355 below as the focus. Traders can patiently wait for a pullback to $4,360 before positioning for an upward move, with an initial target of $4,395; above $4,400, the next target is $4,430.
The above analysis is for reference only and does not constitute any investment advice. Financial markets are highly volatile, and investing involves risks. Exercise caution when entering the market.
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