7.22 Gold Morning Report

Yesterday, geopolitical risk aversion warmed up, and gold broke out of a one-way uptrend, surging from the 4,000 level all the way to the 4,087 intraday high. The long-term uptrend remains intact on a large timeframe, but after consecutive rallies, short-term longs’ profit-taking has clustered and exited; there is a need for a technical pullback and correction.

In terms of technical structure, the daily chart has formed a W double-bottom pattern. The strong bullish candle has firmly held above the key support at 4,050, and the short-term bullish setup remains solid. On the 4-hour timeframe, the RSI indicator has entered the overbought zone; price needs to pull back to digest bullish momentum. The core intraday support is pegged at 4,060.

For intraday trading, the approach is to rely on support for going long on dips. The first target is 4,150. Only if price effectively breaks above 4,180 can the medium- and long-term bullish trend be confirmed as fully open.

Gold: Long around 4,080, target 4,150-4,180; if broken, look lower. $BTC $GT $ETH