July 28 Morning Review by “Lanjin Madam - Huangyu”

Price is rising at the upper end of the range without sustained momentum; short-term pressure increases and the pullback risk accelerates

1. Looking back at the market action: after the gold price’s previous oversold bounce, it moved into a sideways, ranging consolidation. The current price is 4076. On the hourly chart, price is capped below the Bollinger upper band at 4102 and has been unable to complete an effective breakout. The Bollinger channel is gradually tightening, and the long/short standoff is becoming more cautious. On the upside, the key short-term resistance levels are 4102 and 4140. On the downside, the critical supports are 4086 and 4070. The rebound momentum continues to fade; the earlier recovery move is nearing its end, and technical pullback demand is gradually building up.

2. In terms of news: this week there are no major inflation or employment core data releases. The US dollar remains elevated with a narrow range of consolidation. Market sentiment is dominated by watching and waiting, with a lack of strong positive catalysts to push gold higher. The previous overbought/oversold repair appears to be mainly technical “turning of the tide,” and the fundamentals have not produced a reversal-type favorable shift. Buyer/inflow interest from the “bull side” is weak.

Strategy:
Scale in on the rebound from the 4090-4110 range to place orders, with targets at 4070 and 4050.

Note: The ideas are for reference only and do not constitute any investment advice. $XAUT