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Muyao: Early morning gold on 7.7 | Surged but met resistance and pulled back, prioritize following the trend to short intraday
Yesterday, gold tested the 4202 level but failed to hold. After repeated surges, momentum weakened, leading to a sharp decline in the evening. The daily chart closed with a long upper shadow bearish candle, indicating heavy selling pressure above, and bullish momentum is insufficient.
This morning, the market continues its pullback, with prices trading weakly in the 4150-4170 range. Without major data influences, the market follows the pace of the charts.
In terms of operation: Short at 4150-4160, first targets at 4130 and 4110. If support is broken, continue to look towards the 4100 level.
Tips:
The above analysis is Muyao's personal analysis. The market is rapidly changing. The content is for reference only and does not constitute any investment advice!
$XAUT