XAU/USD: Market Analysis and Strategy for September 29

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#XAU/USD# XAU/USD: Market Analysis and Strategy for September 29

Gold opened near $4,280 yesterday and trended steadily downward; during the European and US trading sessions, the price dropped sharply to a low near $4,110—a daily decline of over $170—before closing at $4,114. On the daily chart, the MA5 and MA10 moving averages are sloping downward, the KDJ indicator has formed a "death cross," auxiliary indicators are turning down, and the MACD bearish momentum bars are expanding; the daily trend is dominated by bears. A drop below $4,100 is highly likely today, with a potential break below $4,000 later this week.

On the hourly chart, gold saw a slight rise during the Asian session and is currently trading near $4,125. The TRIX and KDJ indicators have formed "golden crosses," while MACD bullish momentum bars are slightly contracting. Given the magnitude of yesterday's drop, a minor corrective rebound is expected during the day. However, since the daily trend remains bearish, the primary strategy is to sell upon a rise to resistance levels, with a focus on the $4,180 resistance level.


My recommendation:
SELL: 4165–4170; SL: 4180; TP: 4110–4100

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