Muyao: High-level upward momentum fading, gold short-term weak consolidation

On July 8, spot gold rallied then began a high-level pullback. The 4-hour bullish momentum gradually weakens, the hourly rebound lacks strength, and the market enters range-bound consolidation. Strong resistance above, short-term movement weak.

Gold prices continue to fall from the 4202 high, with highs progressively lowering. On the larger cycle, it's the adjustment phase after the uptrend. As long as the 4100 support holds, the overall trend remains bullish and range-bound. Do not blindly chase short positions.

Trading Strategy:
On short-term bounces, can go short at 4130-4140, targeting 4120, 4090, 4050.

Reminder:
The above analysis is Muyao's personal analysis. The market changes rapidly, content is for reference only, and does not constitute any investment advice!
$XAUT