7.28 Gold evening market observation

In the evening, gold prices continued their intraday weak downward trend. Spot London gold was trading around 4030, oscillating and weakening. With tensions in the Middle East easing, safe-haven buying sharply faded. Combined with U.S. Treasury yields staying high, the appeal of non-yielding precious-metal allocations declined. Funds trimmed positions in advance to avoid uncertainty around the early-morning rate decision, and ongoing selling pressure at higher levels continued to release, leaving the overall market under pressure in the evening.

In the short term, the price is capped in the range of 4050-4070, with 4115 as the strong resistance in this phase. Key supports below are 4000 and 3980. Global central banks continue to allocate to physical gold, so there is limited room for a sharp deep drop. As long as 4000 has not been effectively broken downward, the larger-cycle consolidation pattern has not been fully disrupted.

Evening reference ranges:
1. Retracement up to 4050-4070, keep defense above 4090, targets at 4000 and 3980;
2. Pullback to 3980-4000, keep defense below 3960, targets toward around 4060.
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