XAU/USD: Market Analysis and Strategy for August 31GoldOANDA:XAUUSDActuaryJLast Friday, gold traded within a narrow range during the Asian and European sessions; however, bullish news data during the New York session drove the price up to $4,629. Subsequently, remarks by the Federal Reserve Chair proved significantly bearish for gold, causing a sharp pullback to around $4,446—a daily decline of nearly $180. The daily chart closed with a steep drop; the KDJ indicator formed a bearish cross at a high level with lines turning downward, while the MACD fast and slow lines converged above the zero line, signaling an imminent bearish cross. With bullish momentum bars shrinking, the daily trend leans bearish. On the hourly chart, gold rose to $4,472 during the Asian session before drifting lower, currently trading near $4,430. The chart shows consecutive declines; the KDJ indicator has turned downward, the MACD lines have formed a bearish cross near the zero line, and bearish momentum bars are expanding, indicating a bearish short-term outlook. Combining this with the daily trend, the recommended intraday strategy is to sell on rallies toward resistance levels. Key resistance lies at the previous rebound high of $4,472 and the psychological $4,500 mark, while the downside focus is on whether the price breaks below $4,400. My recommendations: SELL: 4472–4477 | SL: 4487 | TP: 4450–4430 BUY: 4390–4395 | SL: 4380 | TP: 4440–4460