July 16: Market wrap-up—Gold plunges; “Huangyu” late-night review

When the data hits, the gold price falls sharply, and the “empty head” clears the downside space completely

1. Looking back at the chart, in the evening, multiple US economic data releases all strengthened across the board, causing gold to crash hard. The price dropped to a low of 3974, with the current price at 3989. On the hourly chart, price broke below the Bollinger lower band at 3985. The “magical nine turns” bearish sequence once again confirmed, with multiple resistances overhead at 4028 and 4070. In the short term, there is a strong pressure zone at 4000-4030. Support lies at 3974. The large-scale bearish trend is fully formed, and the rebound strength is extremely weak.
2. From the news side, the US initial jobless claims, retail sales, and Philadelphia manufacturing data released in the evening were all better than market expectations. US economic resilience was beyond expectations. The market significantly pushed back the timing of Federal Reserve rate cuts, the US Dollar Index surged, “Doto” funds continued withdrawing from gold, and bearish sentiment in the short term persists.
Strategy:
Short in batches on rebounds in the 4000-4030 range, targeting 3970, and looking down toward the 3950 support.
Note: This is only for reference and does not constitute any investment advice. $XAUT