Golden Morning Commentary 17/07

The hourly chart shows a breakdown of the downward trend, with several key support levels breached. Bearish momentum from MACD continues to increase, 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 be alert to the possibility of further downside.

After the release of economic data overnight, market volatility has increased significantly, with continuously unpredictable movements in the morning. Tight stop-loss orders are critical during trading; correct position sizing and risk management are very important.

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 breached.

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

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