7.20 Gold Midday Review: Morning rebound—high-altitude shorting logic proved precise

The morning outlook on the rebound meeting resistance and shorting was completely correct. Gold price surged from the low at 3982 up to the 4028 high. After touching resistance, gains stalled, with bullish momentum exhausted—confirming that the rebound was only meant to repair the market.

Technical analysis: On the 30-minute chart, the Bollinger Bands are opening upward, and price is pressed near the upper band. On the 1-hour chart, the Bollinger Bands are rising in sync; price has moved above the middle band, but the RSI has entered the overbought zone—strong short-term pullback demand.

Short-term resistance: 4032, 4050; Support: 4009, 3989.

Coco’s recommendation: In the afternoon, rebound and short-at-high remains the focus. Short around 4020-4040, targeting 4005 and 3985. If it breaks down, look for 3973. Operate with strict stop-loss.

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