$XAUT 7.24 Gold Morning Preview: After the big drop, the price stabilizes at lows and repairs; build your plan on support with a low “dip”

Market Recap: Gold surged to a 4140 high yesterday, faced resistance, and then pulled back. In the evening, pressured by US initial jobless claims “hawkish” negative-data developments, the price dived sharply, falling to a low around the 4040 area. In the early morning, the market gradually stopped falling and steadied. Currently, gold is holding around 4049 and trading in a narrow range. After a round of concentrated selling, bearish pressure has been fully released, and a short-term repair window has opened.

News: Yesterday’s initial jobless claims data was strong. In the short term, it weighed on gold and drove the sharp drop, but the negative sentiment caused by the data has already been fully digested. Looking to the medium to long term, the market still keeps expectations for Fed rate cuts, and geopolitical-risk hedging support remains. After the big selloff, there is no ongoing bearish catalyst. In the short term, sentiment may recover, supporting a rebound and repair in gold prices.

Technical Analysis: On the 1-hour timeframe, price has stopped falling and is ranging at lower levels, and the pace of the decline has clearly slowed. The KDJ indicator turns upward from the lows and forms a golden cross, signaling a short-term rebound. Gold still has room to overcome overhead moving-average pressure. Intraday resistance is mainly concentrated in the 4078–4100 zone, while the key downside support is the 4040 low. As long as support holds, the rebound is likely to continue.

Jingchuan’s Advice: On pullbacks to 4015–4030, scale into long positions at low levels. Targets: 4060, 4080. Set your stop properly—strictly cut losses and never hold on stubbornly.