Spot gold traded in a narrow range near 4,272-4,290 USD per ounce as of midday Beijing time on September 25, showing a pattern of testing lows before recovering.
The metal touched an intraday low of 4,244 USD, marking a fresh recent low, before gradually stabilizing and rebounding above 4,260.
Domestic spot gold T+D fell to around 926.50 yuan per gram, while the Shanghai gold futures main contract weakened in tandem.
Trading activity was relatively light during the midday session, with bulls and bears entering a pre-holiday wait-and-see mode, though macroeconomic pressures have yet to ease substantially.
On the daily chart, gold has posted consecutive bearish candles with bodies shifting progressively lower, the moving average system showing a bearish alignment, the MACD indicator forming a death cross below the zero line, and the KDJ indicator diverging at low levels, all pointing to a technically bearish consensus.
However, the 4-hour chart has shown signs of stabilization and repair, with prices no longer making new lows, MACD green bars continuing to shrink, and bearish momentum gradually exhausting, forming a typical bottom-rebound pattern.
Key Levels to Monitor
Resistance levels stand at 4,333 and 4,363, while support levels rest at 4,264 and 4,235.
For entry points, aggressive traders may consider shorting at 4,326-4,337 with a 45-point stop loss, while conservative traders may short at 4,363-4,370 targeting 4,280 and holding if breached.
Aggressive traders may also consider going long at 4,270-4,260 with a 50-point stop loss, while conservative traders may go long at 4,245-4,235 targeting 4,305 and holding if breached.
The gold dividing line stands at 4,305 USD per ounce.
These views are for reference only, and strict risk control is essential under extreme market conditions.
WTI Crude Oil Analysis
International crude oil markets displayed a high-level wide-range oscillation pattern as of midday Beijing time.
WTI crude traded near 92.5-95.5 USD per barrel, while Brent crude traded in the 100-102 USD per barrel range.
During the Asian morning session, crude oil briefly plunged, with WTI dropping over 1% and Brent falling more than 0.9%, before bargain-hunting funds entered to push prices back up.
The domestic SC crude oil main contract surged 6.96% on Thursday to close at 743.50 yuan per barrel, with pre-holiday trading sentiment remaining relatively active.
On the daily chart, WTI crude ended a five-day losing streak, posting a bullish candle with long upper and lower shadows on Thursday, closing at 94.61 USD per barrel with a gain of 2.70%.
The moving average system remains in a bullish alignment, but MACD red bars are showing signs of contraction, indicating weakening upward momentum.
On the 4-hour chart, prices retreated rapidly after touching a high of 96.78 USD, with RSI falling from the overbought zone above 70 to around 55, and Bollinger Bands beginning to narrow, suggesting the unilateral uptrend may have ended and short-term consolidation may be ahead.
Key Levels to Watch
Resistance levels stand at 95.0 and 97.0, while support levels rest at 92.8 and 91.0.
For entry points, aggressive traders may short at 94.8 plus or minus 0.2, while conservative traders may short at 97.0 plus or minus 0.2, with a 0.8-point defense for each and a target of 92.5, holding if breached.
Aggressive traders may also go long at 92.8 plus or minus 0.2, while conservative traders may go long at 91.3 plus or minus 0.2, with a 0.8-point defense for each and a target of 95.0, holding if breached.
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