7.6 Gold Strategy Midnight Review: Gold Rallies Then Falls in Washout, 4140 Level Determines Evening Direction

Gold opened higher during the day, rising to 4202 before facing resistance and pulling back. It continued to weaken during the European session, hitting an intraday low of 4128, followed by a slight rebound and repair, showing a wide-range volatile pattern of rallies followed by declines, with rapid shifts between bulls and bears.

From a fundamental perspective, the market is currently engaged in continuous speculation around the Fed's rate cut path. The U.S. dollar index oscillates repeatedly, while geopolitical risk sentiment fluctuates between strong and weak, serving as the core driver for the rapid switching between gold bulls and bears. During the U.S. session tonight, attention should be paid to economic data and speeches by Fed officials, as news may trigger another market surprise.

From a technical perspective, on the 15-minute timeframe, the price broke below short-term moving averages and quickly tested support. It is now consolidating in the 4140-4150 range. The MACD bearish momentum has weakened somewhat, but overhead resistance remains significant. The key resistance above is at 4174, while the core support below is the 4128 low. Holding support could lead to a rebound to test resistance, while a breakdown would further open downside space.

Trading reference: Short in batches on a rebound to the 4150-4170 range, targeting 4110 and 4080. $XAUT