7.28 Gold Afternoon Market Observation

In the afternoon, gold prices continued to move lower under a weak bias. Spot gold in London was trading around 4049, slipping slightly over the course of the day. A stronger U.S. Dollar Index combined with elevated U.S. Treasury yields, while geopolitical safe-haven demand cooled off; the premium from the earlier risk-off upswing was gradually unwound. Market funds reduced positioning ahead of the overnight policy decision, taking a wait-and-see stance. Buying follow-through was relatively weak, and price action remained weak with sideways-to-choppy movement in the short term.

In the short term, the downside pressure zone is 4070–4090, while 4115 is a key stage-level strong resistance. Below, the core supports are 4020 and 4000. Long-term physical allocation provides a backstop, so there is limited room for a sharp further drop. As the prior larger-cycle range-bound structure has not been effectively broken, it remains intact.

Afternoon reference ranges:
1、Rebound 4070-4090; defend above 4110; targets are 4020 and 4000;
2、Pull back 4000-4020; defend below 3980; targets are seen around 4070.
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