7.7 Morning $XAU

Yesterday, gold swung through a three-time “kill” rollercoaster: after the price surged to a 4202 high, it immediately plunged into a sharp drop. The intraday low smashed to 4128.52, and then it rebounded, recovering some losses with a technical repair.

The U.S. Dollar Index kept strengthening, together with a rebound in U.S. Treasury yields. The market now has no expectation for the Federal Reserve to cut rates within the year. Funds are piling into U.S. dollar assets, and gold’s safe-haven value-to-cost ratio is directly discounted.

On the 15-minute timeframe, the price has already fallen below the short-term moving averages. It moves through a downward channel the whole time, with the Bollinger Bands opening downward—clearly bears are in full control. The MACD green histogram bars expand again, and the momentum of short-term bears is still strong.

Place short orders in the rebound 4140-4160 range, targeting 4100 and 4080.
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