7.10 Afternoon Outlook: Gold Plunges $30 from Highs! 4108 Becomes the Bull-Bear Lifeline — Is the Rebound an Opportunity or a Trap?

Gold prices surged and then fell sharply today. On the 10-minute chart, it briefly hit an intraday high of 4134 before a rapid decline, with the lowest point at 4108. It has now pulled back to around 4113 for consolidation. The bullish momentum has been severely damaged, and the short-term weak pattern remains unchanged.

From a technical perspective, the 4134 level above serves as strong resistance, with consecutive upper shadows indicating a lack of upward momentum. The 4108 level below is a key support for the bull-bear battle. Once it is lost, the door will open for a further drop toward the 4100 integer mark and even 4090.

Strategy reference: Go short lightly around 4120-4130 on a rebound, targeting 4100 and 4080. $XAUT