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7.16 Gold Midday Wrap
After an early rally met resistance, a concentrated sell-off surged, causing the gold price to fall rapidly. The rebound that had been repairing the trend has ended, and short-term bearish pressure has concentrated and been released.
Technical view: On the 30-minute chart, the upper Bollinger band is 4076.00 and the middle band is 4050.83. The gold price has broken below the middle band and moved toward the lower band, with the Bollinger Bands turning downward. On the 1-hour chart, the upper Bollinger band is 4073.35 and the middle band is 4046.98. Price is under pressure below the middle band; the RSI has fallen into low territory, and the bearish trend is clear.
Short-term resistance: 4047, 4076; Support: 4025, 4020.
Koko’s suggestion: Focus on selling on intraday rebounds. Short around 4050-4070, target 4035 and 4025, and strictly set a stop-loss.
Disclaimer: The above is only my personal view and does not constitute investment advice.