7.2 Gold Morning Comment: Last night's high-level short orders realized, rally followed by decline continuing adjustment

Last night ADP bullish pushed gold price up to 4115.71. I accurately predicted in my midnight comment that overbought conditions would lead to a pullback, giving a bearish idea at 4085-4110. The intraday market fell as expected, perfectly realizing short-term pullback profits. In early trading, gold oscillates around 4043. The previous severe overbought indicators are gradually repairing, and the short-term trend remains weak consolidation.

Technical Analysis: 1-hour Bollinger upper band 4108.56, middle band 4022.43, lower band 3936.31; 30-minute Bollinger upper band 4106.32, middle band 4060.40, lower band 4014.47. Price continues to fall from the Bollinger upper band, RSI returns to neutral range.

Short-term resistance 4060, 4085; support 4014, 4022.

Coco suggests: Continue to go short with the trend today, sell around 4055-4075, target 4020, 4000; after support stabilizes, lightly long in small size, and strictly set stop-loss throughout.

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