September 23 Gold Technical Analysis: Sell Rallies at 4,345–4,348, Key Resistance 4,350–4,360
Hello everyone! Today i want to share some macro analysis with you!
September 23 Gold Technical Analysis: $Gold - main 2612(GCmain)$$XAU/USD(XAUUSD.FOREX)$
Gold has shifted from its previous one-sided bull market (peaking near 4369.25) into a medium-term, wide-range consolidation phase, either forming a bottom or consolidating to build momentum.
Short-term rallies on the hourly chart may at any time face strong resistance from the dense moving average zone at 4,347–4,353 on the 4-hour chart.
Key resistance zone: 4,350–4,360!
The current trading strategy should focus on “selling on rallies” after the European session opens, or patiently waiting for a pullback to the strong support level below before going long.
Short-term strategy: Sell: 4345–4348 TP: 4320 SL: 4362
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