7.28 Gold late review

In the mid-session, we said 4040 support—by this afternoon it was directly broken through! The gold price kept dropping, hitting a low near 4017. It’s currently struggling around 4026. The intraday decline is over 1.2%, which is weaker than expected.

From the 1-hour and 4-hour charts, the bears have fully taken control, and the short-term trend has flipped to bearish. Since 4040 can’t hold, below we can only look at the 4000 round-number level and support near the prior low around 3985. For upside resistance, first watch the 4050-4065 area. If any rebound can’t hold, it will likely keep going down to continue searching for a bottom.

In terms of trading, keep waiting for a pullback near 4000 or for clear stop-the-fall signals before going long. $XAU ‌