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7.1 Gold Morning Commentary: Bounce Faces Resistance and Pulls Back, Bearish Dominance Unchanged
Overnight, gold prices bottomed at 3943.66, then surged to 4063.37 before facing resistance and pulling back. Current quote is around 4006. Last night's rebound was merely a correction of the sharp decline and did not reverse the downtrend.
Technical analysis: On the 1-hour chart, Bollinger Bands upper band is 4054.21, middle band is 4016.67, lower band is 3979.12, with the channel overall pointing downward. On the 30-minute chart, Bollinger Bands upper band is 4046.19, middle band is 4023.80, lower band is 4001.41, and the price has fallen below the middle band. The dual-cycle RSI has moved out of overbought territory to neutral, with bullish momentum fading.
Short-term resistance at 4046, 4054; support at 4023, 4001.
Coco's suggestion: Sell short in the 4040-4060 range during the rebound, targeting 4020 and 4000. If the price stabilizes at 4000, consider a light long position. Strictly stop loss and control position.
Disclaimer: The above is only personal opinion and does not constitute investment advice.