7.27 Midnight Gold Market Review

Tonight, gold is moving in a rather tangled way. The current price is hovering around 4073. Although it is up 0.5%, it’s clearly felt that there is insufficient upward momentum. In the early session, the gold price had risen to 4116, then quickly pulled back. It’s now consolidating and repairing within the 4070–4100 range.

Technically, both the 1-hour and 4-hour MACD indicators show that bullish momentum is weakening, suggesting a pullback is needed in the short term. In addition, risk-aversion sentiment related to the Iran-Iraq conflict has eased temporarily. Market funds are holding back and waiting for this week’s Federal Reserve interest rate decision to determine the direction.

In terms of strategy, keep an eye on support at 4060–4050 on the downside, and watch the resistance zone at 4100–4120 on the upside. Maintain the mindset of range-bound trading. $XAU