.SPX: Hope to Regain Upward Momentum!
Technical Analysis:
$S&P 500(.SPX)$ A sustained break above $4,250 is required, along with holding this key level, to regain upward momentum!
Gold consolidated sideways after breaking out of the symmetrical triangle pattern, lacking follow-through buying support!
On the H4 chart, gold oscillates around the 20-period Simple Moving Average (SMA), indicating neutral short-term momentum. However, the overall uptrend remains intact, with pullbacks likely attracting dip-buying interest.
Initial support lies at the lower boundary of the recent consolidation range around $4160-$4170, with further support near the 100-period SMA at $4141.
Momentum indicators show a neutral-to-bullish bias: MACD histogram bars are narrowing toward the zero line while maintaining a slight negative value, indicating reduced bearish pressure. The MACD line remains slightly below the signal line near the midline. The Relative Strength Index (RSI) stands around 53, suggesting stable momentum with no clear directional guidance.
Overall, gold is currently in a consolidation phase. However, no clear bearish signals have emerged during this adjustment, with pullbacks consistently finding support. This suggests the consolidation is more likely building momentum for a subsequent rally. Traders should adhere to the core strategy of “buying on pullbacks during corrections.” However, market volatility inherently carries uncertainty. Blindly chasing trades or entering positions prematurely carries risks. Patiently awaiting clear signals at key support or resistance levels remains the prudent trading strategy.
Maintain a buy-focused approach for next Monday's trading!
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