7.29 Gold early-morning market observation

Before the interest-rate decision at dawn was finalized, gold prices were kept under pressure, with spot gold in London trading in a low range around 4038 and continuing to consolidate. The market had priced in more hawkish policy expectations in advance; US Treasury yields and the US dollar rose in tandem, reducing the appeal of non-yielding precious metals. At the same time, the geopolitical safe-haven premium faded, while high-position holders continued to exit. The chart kept weakening continuously; liquidity was relatively weak in the early morning, and short-term volatility increased.

The near-term suppression range is 4060-4080, with 4115 as the strong resistance for this phase. Key support lies at 4000 and 3980 below. Global central banks continue to allocate and buy physical gold, so there is limited room for a large, deep sell-off. The 4000 level is the key line that splits near-term bulls and bears.

Early-morning reference range:
1. Rebound 4060-4080, with defense above 4100; targets 4000 and 3980.
2. Pull back 3980-4000, with defense below 3960; targets look toward around 4060.