July 9 Mrs. Nacai - Huangyu Evening Review

Bottom-finding stabilization and continued rebound, short-term long positions usher in a repair window.

1. Looking back at the market, gold prices initially plunged to a low of 4021.78 before gradually reversing higher. The current price oscillates at 4102.40 in the evening. On the hourly chart, gold has firmly stood above the middle Bollinger Band at 4080, with the lower band turning upward. The previous bearish momentum has been fully released, the low-level support is solid, and buying pressure at lows continues to push prices higher. The short-term resistance above is 4118; if broken, further upside space is expected. Strong support below is at 4042.

2. On the fundamental side, the U.S. dollar weakened and pulled back during the day. At 20:30 Beijing time, the U.S. initial jobless claims for the week ending July 4 will be released, and at 22:00, the U.S. June existing home sales annualized total will be announced. These two U.S. economic data points will directly influence the dollar index. If jobless claims rise and home sales disappoint, it will further weigh on the dollar and be positive for gold. The previous sharp correction in gold prices has fully priced in negative factors. The market’s medium- to long-term rate-cut expectations have rekindled, and safe-haven buying has slightly returned to gold. The fundamentals support a rebound in gold, and the evening repair trend is expected to continue.

Strategy:
Go long on a pullback to 4080–4070, target first 4120, then 4140.

Note: The above is for reference only and does not constitute any investment advice. $XAUT