July 21 — Yellowfin Morning Brief

The rebound enters high-level consolidation and range-bound trading; in the short term, both longs and shorts resume their contest.
1. Looking back from the chart, after the gold price probed the bottom at 3959, it continued to repair and move upward. After pushing to a high of 4040 and then facing pressure, it traded sideways. The current price is 4005. On the hourly chart, it is steadily running below the Bollinger middle band at 4012. The upper Bollinger band at 4027 forms short-term strong resistance. Key supports below are 3998 and 3978. The momentum of the prior oversold rebound has slowed somewhat, and the market has shifted into range-bound oscillation.
2. From the news side, the market is waiting for the major US inflation and employment data in the second half of this week for guidance. The dollar is temporarily holding a tight range of fluctuations. Both sides are watching and building momentum. Gold currently lacks a one-way catalyst, so in the short term it will maintain a range-trading pattern.

Strategy:
Buy light on dips in the 3990-4000 range, with targets at 4025 and 4040. If the rebound fails to break 4027, you can flip positions to sell.

Note: The ideas are for reference only and do not constitute any investment advice. $XAUT