Jingchuan 7.27 Gold Midday Report: The rebound is under pressure and lags gains; continue to look for shorts from higher levels

Market Recap: In the morning, gold surged to around the 4,096 area, but the upside momentum faded. During the midday session, it stayed in a narrow range around 4,090, with the current price at 4,090.55. The high-short idea given in the morning report has already played out a 20-point pullback. Overall, the rebound repair phase is nearing its end: buying pressure from the bulls is gradually exiting, while sell-side suppression above is strengthening.

News: US employment data continues to show resilience. Expectations of delayed rate cuts have not changed, and the US dollar remains biased to the strong side, which continues to cap the height of any gold rebound. This uptrend is driven only by technical oversold rebound repair, with no material positive catalyst—so the rebound is difficult to sustain.

Technical Analysis: On the 1-hour chart, price has repeatedly tested the upper Bollinger band near 4,108 and then pulled back under pressure. The price has not been able to effectively break through the pressure zone. The KDJ indicator has turned downward; bullish momentum is weakening, and short-term upward movement lacks strength. Strong resistance lies at 4,105–4,108. Near-term support is 4,083; if it breaks, it will further retest the 4,073 moving average support.

Gold Strategy: If you hold high-level short positions, you may reduce some size and continue holding. If you have not entered yet, keep adding shorts in batches within the 4,095–4,105 range. The first target is 4,083; if it breaks, look for 4,073. If price holds above 4,108, then adjust the outlook. $XAUUSD