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July 10, Na Cai Madam - Huang Yu Evening Commentary
The bulls' rebound is blocked! Gold spikes up and then plunges, with evening consolidation and adjustments as the main focus
1. Market overview: Gold's earlier rebound surged to the 4138 peak, immediately met strong resistance, turned, and fell. The current price is 4103.71. On the hourly chart, price has broken below the Bollinger middle band at 4118; the bull’s upward momentum has completely run out. There is heavy resistance above at 4118/4138, and key support below at 4098. The short-term market is entering a pullback and shakeout phase.
2. News: There are no major U.S. economic data releases throughout the day. The U.S. dollar has slightly strengthened, directly weighing on gold’s long positions. The prior low-level rebound phase has temporarily come to an end, and the evening market is overall weak and range-bound.
Trading ideas:
Sell at 4120-4140, target 4090, 4070.
Note: These ideas are for reference only and do not constitute any investment advice. $XAUT