7.24 Gold afternoon Silk Road analysis

Earlier, 3959 broke out of a W-bottom to reverse. This round of decline is only a pullback after a big rally for longs to take profit; the trend hasn’t reversed. The mid-term long-side structure remains unchanged.
The 20-day moving average is the key support for the uptrend. This pullback is a retest to confirm; there is demand for a rebound.
In the short term, consecutive declines have released a large amount of bearish momentum, and an oversold correction may come at any time.
If the pullback stabilizes at 3995-4010, go long (do) with targets at 4040, 4070, and 4085.
Notice:
The above analysis is my personal view (Muyao). The market changes rapidly; the content is for reference only and does not constitute any investment advice!
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