7.8 Gold Morning Review: The Overnight High-Close-In Strategy Was Fully Realized, and Short-Term Intraday Weakness Deepens

The overnight rebound’s high-altitude forecast was accurate and landed precisely. Gold prices continued to fall, refreshing the lows, while bearish momentum was concentrated and released. In the short term, the market is one-sidedly weak, and the larger-cycle bullish trend has not yet been completely broken.

Technical analysis: In the 1-hour Bollinger Bands, the bands open downward; the upper band is 4168.74 and the middle band is 4134.25, with the gold price running close to the lower band. In the 30-minute Bollinger Bands, they diverge downward in sync; the upper band is 4183.27 and the lower band is 4091.06. The RSI on both timeframes has fallen into the oversold range, suggesting a potential need for a small short-term rebound correction.
Short-term resistance: 4134, 4168; Support: 4091, 4070.

Coco’s recommendation: In the early session, prioritize selling short on rebounds. Sell short near 4130–4150, targeting 4100 and 4090. After the 4070–4091 support stabilizes, then consider setting up long positions. Throughout, strictly use stop-losses to guard against an oversold rebound.
Disclaimer: The above is only my personal opinion and does not constitute investment advice.