Afternoon Thoughts on July 9: Violent V‑Reversal! Gold Surges $50, Bulls Fully Erupt

Gold consolidated narrowly in early trading, dipping to a low of 4054 during the session, with market sentiment leaning bearish. But the afternoon brought a sudden shift as bulls mounted a strong counterattack, igniting a one‑sided rally. The price broke through key resistance at 4080 and 4100, reaching a high of 4107—a surge of over $50 in just a few hours, forming a textbook V‑shaped reversal pattern.

From a technical perspective, the 10‑minute chart shows a deep V‑reversal, with price breaking decisively above the previous consolidation range, signaling ample bullish momentum. The Bollinger Bands are expanding upward, with price riding the upper band, and the MA moving averages are in a bullish alignment, confirming a clear short‑term uptrend. Watch for resistance in the 4110–4120 zone, while support has shifted higher to the 4080–4090 area.

Trading reference: Buy on pullbacks into the 4080–4100 range in batches, targeting 4150 and 4180. $XAUT