7.13 evening thoughts: Gold cliff-dive! Bears dump 70 USD like crazy

After gold opened today, it faced heavy selling pressure and started a one-way downside move. Although there were attempts at rebounds during the session, none succeeded. Late in the day, it accelerated into a cliff-dive, hitting a low of 4043, pulling back more than $76 from the intraday high. Current price is 4059, and the short side holds an absolute dominant position in the short term.

Technical analysis: On the 10-minute timeframe, price has already broken below multiple moving average supports. The Bollinger Bands are opening downward. The key support level at 4060 has been breached, making the short-term bearish trend clear. The MACD green momentum histogram continues to expand, and the KDJ indicator has entered the oversold zone—be cautious of a technical rebound. For downside support, watch the 4040-4030 area; for upside resistance, look at 4080-4090.

Trade reference: On rebounds in the 4060-4080 range, sell short in batches, targeting 4040 and 4000. $XAUT