06/30 Tuesday Gold Evening Commentary

The resistance at the upper Bollinger Band is only a setup for a phased shakeout; a new mid-term trend opportunity has already been brewing.

In today’s trading session, gold prices formed a dip-and-recover pattern. After an initial move lower in the morning to complete a pullback-and-retest confirmation, price then oscillated and rose. After rallying into the upper Bollinger Band zone, bullish momentum weakened and the market shifted into high-range sideways consolidation. All intraday short-term trading plans were carried out and fulfilled as scheduled. Once price touched the upper Bollinger Band, the upward move lacked follow-through, and the market has entered a short-term technical pullback and correction phase.

From the structure of the chart, the current Bollinger Channel configuration is neat and clearly defined. The upper band forms a short-term rigid resistance level; the middle band is the line that divides strength between bulls and bears in this rebound; and the lower band is the core defensive support for the current upward trend. Gold has repeatedly pushed against the upper band but failed to hold effectively. Candlestick bodies have gradually tightened and shrunk in volume. The market shows an internal need for a pullback to digest short-term profit-taking and repair overbought indicators.

On the fundamental front, this rebound throughout has been led primarily by technical factors. The earlier deep sell-off has fully released bearish momentum. Buying from bargain levels at the lows drove gold into a phased rebound, but sell pressure from floating profits above has become visibly concentrated. Without favorable fundamental catalysts, it is difficult to build a sustained one-way upward trend. In the evening, the key focus is whether the Bollinger Channel shows signs of opening up and breaking out.

Recommendation: If the rebound moves toward 4045-4065, [go] ahead. If the market drops directly around the current level (4030), [go] short. Targets: 4000, 3980.
(Know unity of knowledge and action; know the limits of stopping. When the momentum changes, think accordingly; follow the trend.) #0成本拿2股SK海力士

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