7.28 Gold early session market observation

In the Asia morning session, gold prices saw a slight pullback, trading around 4,075 in a range-bound consolidation. Ahead of the Federal Reserve’s interest rate decision coming tomorrow early morning, market funds generally tightened positions and stood by. U.S. Treasury yields remained elevated, regional risk-hedging sentiment cooled, and profit-taking from the highs continued. Trading was quiet in the morning, overall volatility narrowed, and throughout the day prices remained in a range with repeated “washing,” while a one-way move waits for news to materialize.

In the short term, the upper pressure zone is 4,090–4,110, and 4,165 is a strong resistance for this phase. On the downside, the core supports are 4,050 and 4,020. The 4,000 level has long-term funds stepping in, so there is limited room for a large dip. As long as the key support is not effectively broken, the current consolidation structure remains intact.

Early session reference ranges:
1. For a rebound 4,090–4,110, set protection above 4,130, with targets at 4,050 and 4,020;
2. For a pullback 4,020–4,050, set protection below 4,000, with targets toward the 4,090 area.
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