7.27 Midday Outlook #黄金外汇[超话]#

In the morning, driven by geopolitical-risk hedging sentiment, gold jumped sharply, surging as high as the 4116 level.

From a long-term perspective, central banks around the world have been continuously stockpiling gold, which supports the gold price’s bottom and means there won’t be an unlimited free-fall. But right now, the Fed’s interest-rate decision meeting is coming up soon, and the high-interest-rate environment is there to keep pressing the gold price downward as it tries to rise. After the morning spike, the funds that chased long positions at the highs have been gradually exiting; after a big surge, the chart itself has a strong need for a technical pullback. Today, the overall market is likely to range and then dip.

Looking at the 4-hour K-line, the gold price has temporarily pulled far away from the moving averages, and it needs to retest the moving averages to complete the correction. On the daily timeframe, a lot of high-level trapped positions have accumulated in the 4130-4150 range, making upside resistance extremely strong there; trying to break through in one go is very difficult.

Plan: Place long positions around 4110-4130 on the pullback, and set targets near 4080-4050
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