7.1 Gold Midday Review: Bears Continue Downside, Early Short Orders Fulfilled as Expected


Overnight spike to 4063 met resistance and pulled back; midday gold price continues to weaken, currently around 3976. The early morning rebound short strategy was fully realized. The rebound correction is over, and the bearish momentum is pushing again.

Technical Analysis: 1-hour Bollinger Bands upper band 4052.08, middle band 4012.39, lower band 3972.69, channel continues downward. Price breaks below the middle band and continues to probe lower; 30-minute Bollinger Bands upper band 4036.27, middle band 3999.94, lower band 3963.60, gold price directly breaks below the middle band approaching the lower band. Dual-period RSI simultaneously declines, in a low and weak range. Bullish momentum is completely exhausted.
Short-term resistance 3999, 4036; support 3972, 3963.

Coco's Suggestion: Continue to follow the trend and short on rebounds around 3995-4015, targets 3980, 3960; if it dips to around 3960 and stabilizes, go long with a small position, strictly stop loss and position control.

Disclaimer: The above is only personal opinion and does not constitute investment advice.
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