7.10 Midday Gold Market Analysis - Shiyuan's View

After the earlier surge and subsequent resistance pullback, 4183 serves as the core strong resistance. On the 4-hour cycle, the market has bottomed out and rebounded, but the overall downtrend has not yet reversed.

The current horizontal consolidation is merely a period of repair and accumulation after the decline, making it difficult to directly reverse the previously weak larger trend.

The bearish momentum on the 4-hour chart continues to fade, and the price is likely to test resistance after a pullback. Do not blindly chase longs at highs and get trapped.

Gold (current price 4123):
Short in the 4145-4183 range, first target 4080, break below target 4024;
If the pullback stabilizes at 4024-4080, go long with targets 4145-4183, stop loss 4000. $XAU