Liu Ge 7.17 morning gold strategy analysis



Overnight, US employment data came in significantly more hawkish, and the gold price saw increased volume as it broke down below the 4000 psychological level. The current price is around 3985. The bearish trend on the daily chart has been established. Today is the end-of-week (weekly close). Funds repositioning and choppy trading will intensify.

Trading idea
On any rebound, it faces resistance at 4000-4020 and hesitates in the resistance area; defend at 4026; target 3970. If it breaks down, look for 3940.
On a pullback, from 3960-3980, stop the decline and enter the support area; defend at 3955; target 4000. If it breaks through, look for 4020$XAUT
XAUT0.02%
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