Gold Morning Commentary 17/07

The hourly chart shows a breakdown of the downtrend, with several key support levels breached. Bearish momentum from MACD continues to strengthen, and the RSI has entered oversold territory. The current rebound is only a technical correction; the overall downtrend remains unchanged. When price rebounds to the resistance level, prioritize a short position and watch for the potential for further downside.

After the release of economic data last night, market volatility increased significantly, with continued erratic movement in the morning. Tight stop-loss orders are crucial during trading; proper position sizing and risk management are essential.

Trading Recommendation

Do: Enter on a pullback into the 3972-3990 range, with a target of 4030, and a further target of 4070 if that level is broken.

Don’t: Enter on a rebound into the 4115-4135 range toward resistance, targeting 3970, and a further target of 3920 if that level is broken.

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