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July 13 Na Cai Madam – Huang Yu Morning Brief
Do Tou completely crashes! Gold surges higher then plunges; the Qiong Tou trend makes a comeback
1. Looking back from the market structure, the gold price hit the 4138 high point and was immediately met with resistance, followed by a sharp drop. The current price is 4083.67. The 1-hour line has effectively broken below the Bollinger middle band at 4106. The upward momentum has been completely exhausted. Strong resistance sits at 4106 and 4126. Key support levels below are 4086 and 4054. Bearish power has released in concentrated fashion; for the short term, we expect a pullback in line with the trend.
2. From the news perspective, there are no major U.S. economic data releases today. The dollar continues to rebound and strengthen, persistently pressuring gold bulls and disrupting their recovery rhythm. The rebound move signals a stage-based end, and the intraday outlook is mainly weak.
Strategy:
Sell Qiong in batches on the rebound at 4106-4126; targets are 4080 and 4050.
Note: The ideas are for reference only and do not constitute any investment advice. #黄金 $XAUT