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7.24 Gold Morning Silk Road Analysis
Gold’s 4-hour chart continues to fall, breaking below the moving averages; in the short term, bears have the upper hand. This is only a pullback after a big rally and does not indicate a trend reversal. At the moment, there are no signs of a bottoming out—don’t blindly buy the dip.
Short on the rebound at 4070-4085, targeting 4040-4025;
If it retraces to 4023-4030 and stabilizes, you can take a light long position. Pay close attention to 4020—if it breaks, further downside is likely. For today, prioritize short positions at higher levels.
Note:
The above analysis is my personal view (Muyao). Markets change rapidly; the content is for reference only and does not constitute any investment advice!
$XAUT