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7.16 Gold Midnight Wrap: All evening high-altitude short ideas fully played out; a minor rebound at midnight from the lows
The rebound short range given in the evening accurately hit the market. The gold price kept falling and probing the 3974 low. The bearish move fully played out. Currently, only a small pullback repair is underway at the lows, and the big bearish trend has not reversed.
Technical analysis: On the 30-minute chart, the Bollinger upper band is 4051.50 and the middle band is 4021.31; the price rebounds to near the middle band and is being pressured. On the 1-hour chart, the Bollinger upper band is 4071.80 and the middle band is 4031.83; gold remains under pressure below the middle band. The Bollinger channel as a whole is trending downward, so the rebound strength is limited.
Short-term resistance: 4021, 4051. Support: 3991, 3974.
Keke’s suggestion: At midnight, the main focus is still rebound-and-shorts. Short around 4015-4035, targets at 4000 and 3980. Set a strict stop-loss.
Disclaimer: The above is only my personal opinion and does not constitute investment advice.