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7.16 Gold Evening Report: All midday high-altitude trading ideas fully played out; weak evening consolidation continues
The morning-session rebound shorting idea precisely matched the market. Gold prices continued to fall, refreshing the day’s low. The rebound strength from the bulls was weak, and the full bearish intraday trend was completely realized.
Technical analysis: On the 30-minute Bollinger Bands, the upper band is at 4038.49 and the middle band at 4031.87. Price is trading between the lower and middle bands, and the Bollinger channel continues to tilt downward. On the 1-hour Bollinger Bands, the upper band is at 4066.66 and the middle band at 4041.75. Price is under pressure below the middle band; RSI stays at a low level, and bearish momentum has not yet fully exhausted.
Short-term resistance at 4032 and 4066; support at 4025 and 4016.
Keke recommendation: In the evening, rebounds should still be the primary focus for shorting. Short around 4035-4055, targets 4025 and 4015, and strictly place a stop-loss.
Disclaimer: The above is only personal opinion and does not constitute investment advice.