$XAUT 7.24 Gold Midday Review: Probing lower again to consolidate the bottom; waiting in the low zone for more low-buy opportunities

Market recap: In the morning, gold prices made a modest push higher, topping out around 4050 before slipping back under pressure. In the afternoon, they probed further down to a low of 4023.17. The current price is trading around 4027. The short-term second dip has not opened up any fresh downside space; it is a second attempt at testing the bottom after the decline. Bearish momentum continues to fade, and support below is gradually becoming visible.

News: The drop driven by yesterday’s initial jobless claims data has already been fully digested. In the near term, there is no major negative data expected to hit. Over the long run, geopolitical risk-hedging demand remains persistent, and expectations for Federal Reserve rate cuts are still in place. A continued sharp selloff lacks fundamental support. After the second pullback, there is momentum for a technical rebound and repair.

Technical analysis: On the one-hour timeframe, price has formed a second dip. The distance between the current low and the prior low is very close, and there is a possibility of forming a double-bottom structure in the short term. The KDJ indicator is still operating within the low-range area; for now, there is no room for sustained further downside. At any time, it may form a golden-cross rebound. Near-term resistance is in the moving-average band at 4041-4054. Key support is around 4023. As long as this level is held, the bullish repair structure remains unchanged.

Jingchuan’s recommendation: Enter/accumulate positions in batches around 4005-4020. If the price rises from around 4026, enter/accumulate more. Targets look toward 4041, with further upside toward the 4055 resistance level #黄金