7.8 Wednesday Morning Gold Ideas

Overnight, the three major U.S. stock indexes closed lower, with the Nasdaq falling 1.16% and the chip sector experiencing a broad decline. Funds shifted from high-tech stocks to defensive assets, leading gold to a volatile session with an initial rally and subsequent pullback. After testing a high of $4202 in early trading, it faced downward pressure and hit an intraday low of $4127. The daily chart formed a bearish candle with an upper shadow, ending the previous streak of consecutive gains.

Technically, the $4200-$4205 range has formed a clear strong resistance zone. Multiple attempts to break through failed to hold, with concentrated trapped selling pressure. The first short-term resistance level is $4165-$4170, which is a pressure point from short-term moving averages. The key short-term support below is at $4125-$4130 (the middle Bollinger Band plus the 5-day moving average). $4100 is the bullish lifeline for this rebound; as long as it is not effectively broken, the bullish structure initiated from the lows remains intact. Once it loses this level, the short-term bullish momentum will weaken, and the next target is the $4050 area. On the 4-hour chart, the MACD red bars continue to shrink, indicating a phased decline in bullish momentum, and the market has entered a phase of high-level consolidation and accumulation.

Trading suggestion: Short at $4135-$4150, target $4100-$4180 $BTC $ETH $SOL