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7.23 Gold midnight wrap: All short-on-rallies ideas in the evening call were perfectly realized
The evening rebound short call was completely on point. After the gold price rebounded and met resistance, it kept sliding lower, smoothly breaking below 4070 to reach the 4040 lows. The bearish sell-off pace and all pressure/support levels matched the forecasts, and the weak pattern continues.
Technical analysis: The 1-hour and 30-minute Bollinger Bands are opening downward in sync. The current price is around 4052, running near the lower Bollinger Band. RSI is still in the low zone, and downward momentum remains strong enough.
Trading range: 4040-4084. Upper resistance: 4084 and 4102. Lower support: 4040.
KeKe’s suggestion: At midnight, still focus on rebound short opportunities. Sell around 4065-4085, targets 4050 and 4040. If price stabilizes near 4040, you may lightly go long.
Disclaimer: The above is only my personal opinion and does not constitute investment advice. $XAUT