Looking back at the recent gold price action, in the first half of the week, despite a series of bearish factors—including the US dollar index remaining relatively strong, worsening Middle East tensions, and continued expectations of Federal Reserve rate hikes—gold saw continuous, abnormal rallies. We previously analyzed this as well, suggesting it may have been the last struggle of the bulls, resembling the rebound move seen in early July.

And yesterday, gold reversed into a decline, returning below the moving-average band. This situation also confirms that our earlier analysis was correct: the rise at the start of the week was bull bait, and in the context of an ongoing medium-term downtrend, the final struggle by the bulls has fled.

Yesterday’s gold closed with a bearish candle body that was fully saturated, breaking through the moving-average band of 4070–4050. We originally expected an overnight rebound to reach the upper edge of the moving-average band at 4070, but the market did not run that way, indicating that the trend reversal has been confirmed. #黄金