7.20 Gold Morning Preview: Bears Reignite Strength

Last week, the overnight run-up to 4,023 met resistance and pulled back. In the early session, price continued lower to around 3,996. The prior short-term rebound was only an oversold correction, with bullish momentum exhausted; the bearish trend on the larger timeframe remains in place.

Technical analysis: The 30-minute Bollinger Bands have narrowed while moving upward; price has broken below the Bollinger middle band, heading toward the lower band. On the 1-hour timeframe, the Bollinger channel remains overall downward. Gold is under pressure below the middle band, and the RSI has fallen back into a weak zone, suggesting downside momentum could re-emerge.

Short-term resistance: 4,024 and 4,033.
Support: 3,993 and 3,974.

Keke’s suggestion: In the morning, the main idea is to buy the rebound and short at the highs. Short in the 4,010–4,030 area. Targets: 3,990 and 3,980. If the level breaks, look for 3,974. Keep a strict stop-loss.

Disclaimer: The above is only my personal opinion and does not constitute investment advice.