July 8 Mrs. Na Cai - Huang Yu Morning Brief

Weak rebound leads to another breakdown, short-term bearish trend continues to strengthen
1. From the market review, gold prices rebounded slightly the previous day and then fell sharply again, currently trading at a low of 4101 in early trading. On the hourly chart, gold prices have been operating below the middle Bollinger Band at 4132, with the Bollinger Bands opening downward. The rebound has consistently failed to hold above the moving averages, hitting a new low of 4092 during the session. Bearish selling pressure continues to release, and the weak pattern is clear. The short-term resistance levels above are 4132 and 4170, with support below at 4094.
2. From a fundamental perspective, the US dollar continues its strong trend, persistently suppressing bullish sentiment in gold prices. Short-term safe-haven buying in the market has faded, and the expectation of interest rate cuts is difficult to offset the pressure from a strengthening dollar in the short term. The room for gold price correction is not yet exhausted.
Strategy:
Short at 4150-4130, target 4100, 4080.
Note: This is for reference only and does not constitute any investment advice. #黄金 $XAU