7.8 Afternoon Thoughts: Gold Found Support and Recovered, Aiming for 4134! How to Position for Long/Short in High-Level Consolidation?

Gold fluctuated within the day, first declining then rising. In early trading, it dipped to an intraday low of 4093 before quickly rebounding. The bulls continued to push higher, reaching a new high around 4133. Subsequently, prices hovered in a narrow range at elevated levels, with the intraday rebound nearing 40 points. In the short term, the bulls hold the initiative on the chart.

From a technical perspective, on the 10-minute chart, the price broke out of the previous consolidation range and stabilized above the 4120 level. The short-term moving averages are in a bullish alignment, indicating an overall strong trend. However, selling pressure is significant in the 4133-4135 area, and the short-term upward momentum has weakened. Caution is advised for a potential pullback. Support below is seen in the 4110-4105 area.

Trading Reference: Buy on pullbacks in the 4100-4120 range in batches, with targets at 4150 and 4180.