July 22 Inbound Funds — Huang Yu Morning Brief

After rallying high, gains stall and enter a pressured consolidation; a short-term pullback risk is gradually building up.
1. Looking back at the market action, gold has been rising steadily and previously topped out at 4087. The current price is 4079. After the hourly chart touched the upper Bollinger Band at 4090, it turned and came under pressure. The “mysterious nine-turn” bullish sequence has completed the 9th structure; upward momentum has clearly weakened. Price has been consolidating just below the upper band, with strong resistance overhead at 4090. Key supports below are 4065 and 4040, and at the “chop head” stage, the desire to take profits has begun to strengthen.
2. From the news side, the market is still waiting on the U.S. core inflation data. This round of上涨 is essentially anticipatory trading based on expectations. Once inflation data comes in higher than expected, rate-cut expectations for the Federal Reserve will cool again, the U.S. dollar has room to rebound, and the likelihood of high-priced gold facing pressure and pulling back is higher. In the short term, there is a lack of new bullish catalysts to continue pushing higher.

Strategy:
On rebounds, scale in at the 4080–4090 range for selling pressure/shorting positions, with targets at 4065, and support at 4040 below.
Note: This is only for reference and does not constitute any investment advice. $XAUT