GOLD-Maintains Range Fluctuations
The recent trend of gold is quite subtle. Since mid-August, the price of gold has been fluctuating in the range of 2470-2530. Every time it touches the top of the range, there is a callback, and when it touches the bottom of the range, it rebounds. The overall range has not been effectively broken. Last Friday's non-agricultural data only triggered a small rebound. Gold fell again after touching around 2530, indicating that there is strong short pressure above.
From a technical point of view, the daily chart shows that the price of gold bottomed out and rebounded, closing with a positive line. The support below is effective, and the downward trend on Friday was not continued, indicating that the current oscillation pattern remains. The four-hour chart shows that the price of gold rebounded near the lower support level and broke through the short-term moving average and the middle track. It is expected that the probability of continuing to fluctuate downward in the future is high. At present, the price of gold is close to the long-short balance point of 2507 on the 4-hour chart, which is both the level of the middle track and the upper track of the hourly chart. It is expected that there will be some corrections in the short term.
At present, gold has returned to above $2,500, and bulls have a slight advantage. However, after the non-agricultural data rose and fell, it laid the foundation for bearishness. MA5 and MA10 moving averages have formed a dead cross, and the Bollinger Bands have narrowed, limiting the upside of gold prices. In the short term, the peak signal of gold is relatively obvious, and it is expected to enter a deep correction phase. In the short term, pay attention to the daily average pressure level near 2507 above. If it cannot stand at this position at the beginning of this week, there is a risk of further pullback in the subsequent gold prices. Below, pay attention to the support test of the 2485-2470 area.
The focus of this week is on the CPI data to be released on Wednesday, which may become a key factor in breaking the current range deadlock. Therefore, before the data is released, it is expected that the gold price will continue to fluctuate within the range.
Today's short-term operation of gold is mainly based on rebound shorting, supplemented by callback longs. The short-term focus on the upper side is the 2505-2509 resistance range, and the short-term focus on the lower side is the 2473-2470 support range.
XAUUSD
From a technical point of view, the daily chart shows that the price of gold bottomed out and rebounded, closing with a positive line. The support below is effective, and the downward trend on Friday was not continued, indicating that the current oscillation pattern remains. The four-hour chart shows that the price of gold rebounded near the lower support level and broke through the short-term moving average and the middle track. It is expected that the probability of continuing to fluctuate downward in the future is high. At present, the price of gold is close to the long-short balance point of 2507 on the 4-hour chart, which is both the level of the middle track and the upper track of the hourly chart. It is expected that there will be some corrections in the short term.
At present, gold has returned to above $2,500, and bulls have a slight advantage. However, after the non-agricultural data rose and fell, it laid the foundation for bearishness. MA5 and MA10 moving averages have formed a dead cross, and the Bollinger Bands have narrowed, limiting the upside of gold prices. In the short term, the peak signal of gold is relatively obvious, and it is expected to enter a deep correction phase. In the short term, pay attention to the daily average pressure level near 2507 above. If it cannot stand at this position at the beginning of this week, there is a risk of further pullback in the subsequent gold prices. Below, pay attention to the support test of the 2485-2470 area.
The focus of this week is on the CPI data to be released on Wednesday, which may become a key factor in breaking the current range deadlock. Therefore, before the data is released, it is expected that the gold price will continue to fluctuate within the range.
Today's short-term operation of gold is mainly based on rebound shorting, supplemented by callback longs. The short-term focus on the upper side is the 2505-2509 resistance range, and the short-term focus on the lower side is the 2473-2470 support range.
XAUUSD 
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🥇The most accurate trading strategy✅
🥇The most professional technical guidance✅
🔴Help you move forward steadily in the gold market!💯
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