7.14 Evening Trading Thoughts: Gold surged higher then pulled back—Longs and Shorts battle fiercely around the 4030 level!

Gold kicked off from the 3983 area during the day and surged strongly, with the bulls pushing it all the way up to the 4034 high point, rising by over $50. Afterwards, profit-taking poured in, and the price quickly dropped back to around 4014 where support was found, igniting a fierce game between longs and shorts at the higher level.

From a technical perspective, on the 10-minute timeframe: after breaking above the prior high, price pushed higher then pulled back, forming a short-term double-top pattern suppression. The MA5 moving average has turned downward, indicating a need for short-term adjustment. Support to watch is the 4010-4014 range—if it can hold, the bullish structure remains unchanged. Overhead pressure is in the 4030-4034 zone; a breakout there will open up new upside room.

Trading reference: On rebounds, consider shorting in batches in the 4030-4040 range, with targets at 4000 and 3980. $XAUT