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On July 24, gold is under pressure and turns downward; intraday rebounds fail to hold and it still needs to fall
After gold opened yesterday, it saw a slight rebound, then during the Asian and European sessions it kept falling by 80 USD, making a fresh intraday low. At the start of the US session, the gold price fell again due to the impact of the unemployment benefits data, with the low dropping to $4040. The decline for the day was a full $100. Afterwards, at the close, gold made a small rebound and finished at $4049, and on the daily chart gold printed a large-bodied bearish candle.
Due to the escalation of the conflict between Iran and the US again, WTI crude oil and US crude oil prices have risen again; the current price is near $100, further suppressing gold prices. Combined with yesterday’s initial jobless claims data, which was a negative catalyst, gold saw a sharp plunge.
On the daily timeframe, the gold price is turning downward at the upper band of the Bollinger Bands, piercing down through the middle band and moving lower. The chart formed a bearish engulfing pattern. The KDJ lines all turn downward, and overall gold remains weak and trending lower.
On the 4-hour timeframe, gold broke below the 60MA and is moving lower. The Bollinger Bands’ opening is slightly narrowing. The MACD histogram on the sub-chart releases bearish volume, but the KDJ lines are oversold; overall, the outlook remains bearish.
In summary, gold is overall bearish for today’s intraday session, but the early part of the day needs to be wary of an oversold rebound. In terms of trading, my personal suggestion is to focus on selling on rebounds.
Today, watch the resistance around 4080. You can patiently wait for gold’s rebound to near the resistance area, then set up a short position targeting the downside. After breaking 4045 and then 4040, look for 4000!
The above analysis is for reference only and does not constitute any investment advice. Financial markets are volatile; investing involves risk, and you should be cautious when entering the market. $XAUUSD