July 9 Mrs. Nacai - Yellow Fish Morning Review

After oversold decline, low-level consolidation and repair, short-term rebound space limited
1. From the chart review, gold prices fell sharply yesterday, hit a low of 4021, then stabilized and repaired. The current price in early trading is 4075.64, consolidating sideways. On the hourly chart, gold price is running below the middle Bollinger band at 4080, the Bollinger bands are opening downward overall, short-term rebound is under pressure from moving averages. Although bearish momentum has weakened, the overall downtrend has not reversed. Short-term resistance above at 4080, 4141, support below at 4020.
2. From the fundamentals, the US dollar remains at high levels, continuously suppressing the rebound momentum of gold bulls. This recovery is merely a technical repair after the sharp decline. The market lacks significant bullish news, and after the rebound, there is still a risk of weakening again.
Strategy:
Rebound to 4070-4085 short, target first look at 4020, 3090.
Note: The analysis is for reference only and does not constitute any investment advice.