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7.2 Gold Midday Review: Overnight High-level Short Positions Profited Smoothly, Short-term Bounce Under Pressure Remains Bearish
Last midnight accurately predicted a retracement from the 4115 high point, and high-level short positions cashed in on pullback profits. Gold saw a slight midday bounce near 4056, hitting resistance, with limited upside momentum. The previous overbought correction has not yet completed, and selling pressure persists above.
Technical: 1-hour Bollinger upper band 4104.35, middle band 4049.98, lower band 3995.61; 30-minute Bollinger upper band 4072.99, middle band 4050.71, lower band 4028.43. Price is under pressure above the 30-minute middle band, RSI has not entered the strong zone, limiting the bounce space.
Short-term resistance: 4073, 4104; support: 4050, 4028.
Coco's suggestion: Midday remains focused on shorting from highs, go short around 4065-4085, targets 4050, 4020; once support holds, consider light long positions with tight stop-loss throughout.
Disclaimer: The above is only personal opinion and does not constitute investment advice.