7.28 Gold early-morning market observation

In the early hours, after gold prices surged to a 4116 high, they came under pressure and retreated. The current price is consolidating in a low range around 4072. With the Federal Reserve’s rate decision meeting approaching, U.S. Treasury yields have edged higher. Combined with a cooling of geopolitical risk-hedging sentiment, profit-taking at the highs has been concentrated. Liquidity in the early morning is relatively weak; the market keeps washing back and forth, and both bulls and bears are in watch-and-wait mode. A one-way move will need to wait until the interest-rate news lands.

In the short term, the price is suppressed in the 4090-4110 range, and 4165 is the key strong resistance at this stage. On the downside, core support lies at 4050 and 4020. With continued allocations to physical gold across countries, there is limited room for a major sell-off; it has not effectively broken below the prior consolidation structure, which remains intact.

Early-morning reference ranges:
1. For a rebound at 4090-4110, set defense above 4130; targets are 4050 and 4020;
2. For a pullback at 4020-4050, set defense below 4000; targets are around 4090.
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