Spot gold was trading near $4,285-$4,290 per ounce as of around 5:00 AM Beijing time on September 24, down roughly 1.78% on the day. The metal dipped to an intraday low of $4,274.76, marking its weakest level in nearly a week. The overnight session saw prices retreat steadily from higher levels as seller pressure intensified, leaving market sentiment clearly tilted toward caution.
On the 4-hour chart, gold faced resistance near $4,369 after an earlier rebound and has since entered a continuous decline. The short-term moving averages MA5, MA10, and MA20 have all turned downward, forming a bearish pressure structure. The MACD indicator shows the DIFF line crossing below the DEA line, with the green histogram expanding rapidly, signaling sustained bearish momentum. On the daily timeframe, the rebound has stalled and prices have fallen back to the lower boundary of the recent range, with sellers regaining control of the market.
The early session bias is geared toward selling on rallies rather than rushing to buy the dip, with a focus on monitoring defense at key support levels. Key levels to watch: resistance at $4,320 and $4,342; support at $4,253 and $4,230.
Morning trading strategy: Aggressive sellers may enter at $4,311-$4,316 with a stop loss of $22, while conservative sellers can target $4,333-$4,340 with a stop loss of $22, aiming for $4,300 with room to hold. Aggressive buyers may look at $4,257-$4,262 with a stop loss of $50, while conservative buyers can target $4,238-$4,232 with a stop loss of $50, aiming for $4,330 with room to hold. Note: The key pivot for gold stands at $4,304 per ounce. These views are for reference only—extreme market conditions require strict risk management.
West Texas Intermediate crude oil is showing a strong rebound in early Asian trading on September 24. WTI is trading near $92-$93 per barrel, while Brent crude is hovering in the $98-$103 range, with both benchmarks up more than 2% on the day. At the close of the overnight U.S. session, WTI rose 1.81% to settle at $92.16 per barrel, while Brent surged 3.86% to $103.08 per barrel, ending a streak of multiple consecutive sessions of decline.
On the daily chart, Brent has broken its five-day losing streak and regained ground above the $100 psychological level, with the MA5 short-term moving average beginning to turn upward. WTI has bounced from lower levels, breaking through the $92 mark, while the MACD green histogram is contracting, indicating a recovery in short-term bullish momentum.
The early session strategy leans toward buying on dips, but traders should remain vigilant about sharp volatility driven by recurring geopolitical headlines and should strictly implement stop-loss measures. Key levels to watch: resistance at $93.0 and $95.0; support at $90.5 and $89.0.
Morning trading strategy: For entry points, aggressive sellers may consider $93.0 plus or minus $0.2, while conservative sellers can look at $94.8 plus or minus $0.2, with a defensive stop of $0.8 each, targeting $90.5 with room to hold. Aggressive buyers may enter at $90.5 plus or minus $0.2, while conservative buyers can target $89.0 plus or minus $0.2, with a defensive stop of $0.8 each, aiming for $93.0 with room to hold.
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