7.27 Morning Gold Silk Road Analysis

With the Fed interest-rate decision meeting looming in the early hours of Wednesday, the market expects rates to remain unchanged, with the focus on Powell’s remarks. His tone is hawkish, putting pressure on gold prices; gold may drop to 3950–3900. His stance is also relatively dovish, with gold attempting to challenge the previous high of 4165.

On the daily chart, prices rose then fell back; gold is under the moving averages and overall remains in a weak, range-bound mode. In the early session, gold pushed up to 4091–4100 but met resistance and pulled back; the bulls lack sufficient strength. During the daytime it first retreated, while the European-US session saw a modest rebound. In the short term, gold is likely to trade in the 4040–4125 range; before the meeting outcome lands, it is unlikely to break out of the range.

Buy on the pullback at 4083–4095, targeting 4125–4140; near 4130, sell short on resistance, reversing positions. 4083 is the key short-term support.

Reminder:
The analysis above is my personal view, and the market can change in an instant. The content is for reference only and does not constitute any investment advice!
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