July 6th Mrs. Najin - Yellow Fish Evening Review

After hitting resistance and facing pressure, it pulled back. The bulls are resting, and the market is entering a correction.
1. From the chart review, gold price surged to a high of 4202 but lacked follow-through strength. The current price in the evening is 4153, oscillating downward. The hourly Bollinger Bands are closing and turning. Gold price broke below the middle band at 4166. The previous consecutive rallies accumulated a large number of profitable positions. The high-level selling pressure was released intensively, interrupting the upward momentum. The short-term market has turned into a pullback adjustment. The upper short-term resistance is 4166 and 4192, while the lower support is 4140.
2. From the news perspective, the U.S. dollar stopped falling and rebounded slightly. The bullish catalysts have largely been realized, lacking new positive factors. Profit-taking by funds has driven gold price weaker. In the short term, bears have taken the initiative.
Strategy:
Short at 4180-4160, targets 4140, 4120.
Note: The ideas are for reference only and do not constitute any investment advice.
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