September 21 Gold Morning Review
Gold saw a roller-coaster session last Friday. During the Asian session, gold prices rose from $4,334 to around a new short-term high of $4,400, then encountered profit-taking and a bearish counterattack during the European and U.S. sessions. In the evening, gold prices rose again to around $4,395, before edging lower toward the close and ultimately settling at $4,378. The daily chart formed a bullish candlestick with upper and lower shadows.
From a technical perspective, although gold prices pulled back slightly late Friday on the short-term hourly chart, the support from the bullish moving-average alignment remained unchanged. However, the MACD histogram did not expand accordingly and instead showed a clear contraction. In addition, the three KDJ lines showed signs of turning downward at high levels, suggesting that short-term upward momentum is weakening and that a technical pullback may be needed.
Nevertheless, on the daily chart, gold prices remain firmly above the key moving averages, and the overall bullish trend has not yet been broken.
For today's trading, I personally suggest first watching the pullback in gold prices and focusing on the support around $4,350-$4,360. If prices stabilize, light long positions may be considered, with a stop-loss below $4,340 and a target around $4,380-$4,390. If gold prices unexpectedly break below the $4,350 support, vigilance is needed for the risk of a further pullback, with attention on the $4,320-$4,330 area below.
The above analysis is for reference only and does not constitute any investment advice. Financial markets are highly volatile, and investing involves risks. Please exercise caution when entering the market.
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