7.24 Midday Market Analysis

In the morning, gold prices quickly pulled down, hitting the 4022 low point. Then there was a small rebound and repair from the lower levels, but the overall weak pattern has not changed.

Technically, after a round of steep selling, gold has temporarily held the low-level support. In the short term, it is probing upward to test the pressure near the Bollinger mid-band. This rebound is only a technical pause after the sharp drop. There is heavy resistance overhead, making it difficult to reverse the current market structure dominated by bears.

On the news front, the dollar is only slowing its short-term upward momentum; overall, it still runs in high-level range-bound action. The longer-term suppressive effect on gold prices remains in place. If the afternoon rebound meets resistance, continue to follow the trend and look for a range-bound pullback.

Trading ideas:
Price rebound faces resistance in the 4040—4060 range; consider opening short positions
Downside targets to watch in order are 4020 and 4000, with further focus near 3970