7.17 Gold morning market analysis

Overnight, gold prices moved down in a one-way decline. They broke through the 4,000 key integer level effectively, with price continuing to refresh recent lows. The bearish trend has been fully activated.

On the daily chart, a substantial bearish engulfing candle was recorded, the moving average system is arranged in a bearish order, and the focus of the market keeps shifting downward. On the 4-hour chart, a step-like downtrend pattern has formed. Any rebound lacks momentum, and even a slight rise will likely be met with selling pressure from bears.

On the fundamentals, the earlier bullish benefit from cooling inflation has already been fully digested. Multiple Federal Reserve officials have issued hawkish remarks, and rate-cut expectations have been pushed back repeatedly. The US dollar and US Treasury yields have risen in tandem, continuing to weigh on gold. At the same time, worsening Middle East geopolitical tensions are intensifying inflation concerns, and buy-the-dip interest among longs in the market remains weak.

Gold: Go long in the 3990-4010 range, targets at 3970, 3955, and 3920. $BTC $GT $ETH