7.14 Tuesday morning thoughts on gold

Spot London gold is currently quoted at $4,015 per ounce. Yesterday saw a single-day plunge of nearly 3%, breaking below the $4,000 integer level. Today, during the Asia session, it has slightly rebounded from oversold conditions and is trading in a tight range of 3,983-4,018; China’s Gold T+D is also weakening in tandem to 876.79 yuan per gram, down 1.28% intraday. Despite this, it has printed a highly contrasting geopolitical tape: the Middle East conflict has not only failed to lift the gold price with safe-haven buying, but has instead kept weighing on it as it slides lower.

Technically, the daily chart shows a clear bearish trend. Price has broken below multiple short-term moving averages, and bearish MACD momentum continues to expand. Overhead near-term resistance is $4,050-4,090; if rebounds cannot hold above it, the weak trend will likely continue. For the medium term, heavy resistance lies at $4,100. On the downside, near-term support is $3,990; the key bullish-bearish dividing line is $3,950—once it breaks, it will open room for a new round of downside. For domestic Shanghai gold, resistance overhead is 887 yuan, with near-term support at 871 yuan.
Trading suggestion: look for weakness at 4,020-4,030, targeting 3,980-3,960$BTC $ETH $SOL