7.1 Muyun Morning Analysis

Yesterday, gold tested highs and then encountered heavy selling pressure, weakening continuously in the tail end. The overall day saw a rally and then a decline, maintaining a weak oscillation pattern.

From a technical perspective, gold prices are currently running below the middle track of the Bollinger Bands, with the channel gradually tightening. The upward momentum is clearly insufficient, and the middle track position has strong resistance, making short-term rebounds basically unsustainable.

At the fundamental level, the Federal Reserve maintains a strong hawkish stance. Market expectations for a September rate hike continue to rise. Rising U.S. Treasury yields lead to capital outflows from gold. Combined with decreased risk aversion and a strong U.S. dollar exerting pressure, gold currently has no favorable support. If the non-farm payroll data performs strongly, the downward pressure on gold prices will further intensify.

In terms of operations, when the price rebounds to the 4020-4040 range, you can sell short in batches.
Targets are 4000, 3975, 3950 in sequence. #黄金