7.6 Gold Midday Commentary: Surged then faced resistance and pulled back, short-term enters retracement and consolidation phase

Early morning long positions from lows surged and profits were taken, gold price reached high of 4202 then faced resistance and declined, short-term profit-taking by longs exited, market enters retracement and digestion phase, long-term uptrend not fully broken.

Technical: 1-hour Bollinger Bands still upward, upper band 4189.37, middle band 4174.72, gold price broke below middle band approaching lower band; 30-minute Bollinger Bands flattening and narrowing, upper band 4196.40, middle band 4175.45. RSI on both timeframes simultaneously declined to low levels, short-term bearish repair signal appears.

Short-term resistance 4196, 4210; support 4160, 4130.

Coco suggestion: Short-term first look for retracement, prioritize waiting for low to enter long, retrace to around 4130-4150 for low long, targets 4175, 4195; do not chase long before stabilization, at highs can lightly short to catch pullback, strictly use stop loss, wait for support to stabilize then switch back to long dominance.

Disclaimer: The above are only personal views and do not constitute investment advice.