July 16: Nancai Madam – Huangyu Midday Review

Upward pressure again led to a pullback; short-term bulls and bears are locked in a tug-of-war, with choppy consolidation

1. Judging from the order book, after the gold price surged to a 4103 high point, it has continued to range back and forth. The current price is 4035.44. The hourly chart has pulled back below the Bollinger middle band at 4047. Near-term resistance lies at 4047 and 4073. Key support is at 4020 and 3983. The bulls lack sufficient upward breakout momentum, so the market is in short-term range-bound consolidation.

2. From the news side, there are no major U.S. economic data releases today. The U.S. dollar remains elevated with a tight range fluctuation. Neither side has clear guidance, so gold lacks a one-direction driver, and both upside and downside room are limited.

Strategy:
Sell short in batches in the 4040–4050 rebound range, targeting 4020 and 3990.

Note: The ideas are for reference only and do not constitute any investment advice. $XAUT