Gold Analysis Evening July 8

Reviewing the day's movements, gold prices showed a pattern of initial gains followed by a pullback. During the midday and afternoon sessions, the price encountered selling pressure after touching the intraday high, then oscillated downward all the way. As of this evening, the spot price is around 4056, and the bearish pattern remains unchanged.

From the 15-minute chart, consecutive bearish candlesticks show a descending sequence of "lower highs and lower lows," forming a bearish arrangement. The price has now broken below multiple short-term moving average supports, with very weak rebounds — a typical signal of continued decline after a weak consolidation.

Short-term resistance is focused on the 4070-4085 area (the lower edge of the previous hourly consolidation range). If it cannot be quickly reclaimed, the downtrend is hard to stop. Stronger resistance is near 4110 (the intraday rebound high).

Key support first looks at the 4045-4030 area. If the price continues to break lower this evening, the downside will directly open toward the 4000 round figure.

Evening operation reference:
Short in the 4070-4085 rebound range, with stop-loss above 4110, first target down to 4030-4020, and if it breaks strongly, hold to near 4000. $XAU