7.6 afternoon thoughts: Gold dives from high! After surging to 4202, it plunges nearly 60 points. Will it fall further?

During the day, gold opened with a relatively strong trend, with bulls steadily pushing up. It once surged to the intraday high of 4202. After hitting a key resistance level, the upward momentum quickly faded, and the market immediately started a unilateral decline. In the afternoon, the decline further expanded, hitting a low of 4144, a pullback of nearly 58 points from the intraday high. The intraday balance of power between bulls and bears quickly shifted.

From a technical perspective, on the 10-minute chart, the price has broken below the short-term uptrend line. The short-cycle moving averages have turned downward, forming resistance. Oscillators have entered oversold territory, suggesting minor short-term rebound repair demand. Key resistance above is the 4165-4170 range. Support below is first the intraday low of 4144. If effectively broken, it will further test the 4136 area. Overall, the short-term bearish bias dominates.

Trading reference: Sell in batches on rebounds in the 4160-4180 range, targets 4130, 4100, 4070. $XAUT