On July 17, gold fell below 4,000 and rebounded—this is short.

Yesterday, gold broke below the 4,000 level on support and moved lower, with help from the jobless claims. The intraday low reached $3,969. Near the close, it rebounded slightly, and gold closed at $3,976. Overall, gold fell nearly $100 during the day, and on the daily chart it formed a large bearish candle body.

On the four-hour chart, gold yesterday broke through the Bollinger Band middle rail and moved downward. The current band is opening downward, but the KDJ three lines are in oversold territory, so be cautious with any rebound and adjustment.

On the one-hour chart, the moving average system remains in a bearish alignment and continues moving lower. Gold is running downward under pressure from the 20MA. The Bollinger Bands are also opening downward, and the overall trend is bearish.

To sum up, today’s trading plan is mainly to short on rebounds. Watch the 4,000 integer level above and the $4,030 resistance.

Trading recommendations:
Layout short near $3,995 on a rebound, stop loss at $4,005, take profit at $3,960.
If the rebound is strong, then lay the short near $4,030, stop loss at $4,040, take profit at $4,000.

The above analysis is for reference only and does not constitute any investment advice. Financial markets are highly volatile; investing involves risk, and you should be cautious when entering the market. $XAUT ‌