On September 11, gold's downward breakout was largely driven by the positive impact of Treasury buybacks on the US dollar. The precious metal has now refreshed its early-session low to the 4300 mark, prompting a strategy to consider staggered long positions at the three key support levels of 4290, 4280, and 4270. The week's opening low of 4341 has now shifted to a near-term resistance point, with a swift decline observed upon touching 4340 earlier in the session. A break above this level would mark an initial sign of stabilization, but a confirmed reversal would require the price to close above 4360. The pivotal resistance zone for the bulls and bears divide sits at 4378, which was the high from last night's data release.
For intraday rebounds, the planned short-selling zones are 4360, 4368, and 4374, with final entry points to be determined based on real-time market conditions. After three days of consolidation at the start of the week, Thursday's session saw an overnight expansion of the trading range. For Friday, the outlook leans toward a bullish stance from the 4300-4280 support area, targeting the 4360-4378 resistance region.
Crude oil exhibits a clear bullish trend in contrast. Yesterday's article had mentioned placing a breakout buy order at 98.1 to target levels above 100, and Friday's morning rally has already pushed the price to the monthly Bollinger Band upper rail resistance at 104.5. Currently, the 1-hour Bollinger Band upper rail is contracting downward, while the 1-hour SAR parabolic indicator shows a topping signal that is diverging to the downside, suggesting that further pullback space remains in the intraday session. On the chart, the 1-hour Bollinger Band middle rail sits at 101.2, nearly parallel to the overnight pullback low. A break below this level would signal a bearish turn, potentially testing the 1-hour lower rail at 97.3.
As long as no bottom signal from the Z-shaped turning indicator appears on the 1-hour chart, the strategy should maintain a bearish stance from higher levels. Today's approach is to maintain a short bias below 104.5, and should prices unexpectedly break to new highs, the resistance at 105.8 can be referenced to persist with the short-side view, with the staged targets directly set at 101.2, 98.5, and 97.3. Please note that the article content is for reference only and does not constitute investment advice. Investors should make their own decisions based on their circumstances and bear the associated risks.
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