7.20 Gold outlook and operation recommendations

Gold price is currently in a choppy consolidation and washout state, with the overall larger trend remaining bearish.

Last week’s weekly line closed with a bearish candle; the market slid lower throughout, and gold has since entered a weak consolidation phase. At present, the situation between the US and Iran remains tense, but more safe-haven capital is flowing into the oil market. The dollar and US Treasury yields stay strong, stubbornly capping the upside rebound in gold.

Next, the market is likely to continue a weak range-bound to downward move. In terms of trading, focus mainly on going short in line with the trend. You must manage position sizing carefully and put risk control first.

In the short term, the key resistance area is around 4040–4050. If the price rebounds into this zone and shows lackluster upside, you can look to set up a short position. The primary target is 4000–3980; if this support breaks down, there will be even more downside room ahead.

Trading reference: rebound into 4040–4050 to open shorts, target 4000–3980, and a breakdown will open a move toward 3950. #PreIPOs第二期OpenAI认购 $BTC $ETH $XAUT