July 16 “Take in Wealth” Mrs. Huangyu Evening Review

Heavy pressure at the high level persists in weakness; the “Kongtou” trend once again takes the lead

1. From a review of the chart, after gold pushed up to the 4081 high point, it went into consolidation and then moved lower. The current price is 4028. On the hourly chart, price is running below the Bollinger middle band at 4041. The “Miracle Nine Turns” bearish sequence has taken shape again, and upward momentum has completely faded. Near-term resistances are 4041 and 4066, with a strong pressure zone of 4050-4070. Support is at 4016 and 4002, with key low-level support at 3983. Overall, the market is choppy and weak, with very limited rebound strength.

2. From the news side, at 20:30 this evening, a batch of major U.S. economic data will be released, including initial jobless claims, June retail sales, and the Philadelphia Fed manufacturing index. After that, at 22:00 there will be housing and commercial inventory data as well. If the retail and employment data come in stronger than expected, it will continue to weigh on rate-cut expectations, benefiting the dollar to suppress gold price. Even if the data is weak, the pressure above gold remains heavy, so there is limited room for rebounds.

Strategy:
Rebound and sell the “Kong” in batches in the 4040-4070 range; targets are 4016 and 3980.

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