7.28 Gold Evening Review: Kòngtou keeps increasing volume and moving lower; in the evening, the rebound is still expected to be watched for Kòngtou

Market Review: Jingchuan’s early and mid-day outlook was bearish for the entire day, and it kept heading south. The whole day showed a one-way downtrend. The core reason is “eating meat.” The single-day decline exceeded $52. The bearish trend completely dominated the market, and the bulls did not carry out any decent counter-attack throughout.

Let’s look at the technicals: On the 1-hour chart, the downtrend is clear at a glance. Price tracks along the lower band of the Bollinger Bands all the way down. The 5, 10, and 20 moving averages are all sloping downward, tightly pressing above the gold price. As long as price rebounds slightly, sell pressure will come in. The KDJ indicator is in the low zone; bearish momentum has not been fully exhausted, so a major short-term reversal is difficult in the near term. The first resistance is around 4040. The strong pressure range is 4056-4095. Short-term support is at 4017. If it breaks, it will continue to test the previous low near 3988.

Jingchuan Gold Strategy: If the evening rebound touches the 4040-4056 resistance zone, place shorts in batches. For the short-term target, first look at 4017; if it breaks, hold the position and continue to look lower toward 3988.

If the US gold price strongly rebounds and holds above 4075, we will adjust our thinking to chase longs, with targets at 4100 and 4130$XAUUSD