July 29 Daily Gold Market Morning Brief by “Lan Jin Lady” — Huang Yu

The “super disk” consolidates and gains strength for a rebound; in the short term, dip-head correction is repaired and the long-awaited clear rally begins.

1. Looking back at the market: gold price previously saw a continuous decline, hitting a lowest intraday low at 4011. Current price is 4019. On the hourly chart, price is riding close to the lower Bollinger Band—staying just above 4013—showing a stop in the selloff. Indicators are extremely “super disk” oversold, the head momentum has been exhausted, and a clear reversal (“stop disk”) signal has emerged. Short-term resistance lies at 4034 and 4054 above. Strong support is at 4013 and 4000 below. After consecutive “big disks,” selling pressure has completely waned. Buy orders at the low end have been gradually stepping in, indicating a strong need for a technical rebound.

2. From the news side: after the U.S. dollar continued to rise at high levels, upward momentum has slowed and the market is taking short-term pressure off to consolidate. There are no major economic data within the day to weigh on gold. Earlier bearish sentiment has been fully digested, and the market’s “flight to safety” buying has started to gradually increase, providing fundamental conditions for a low-level rebound in gold price.

Strategy:
Pull back into the 4010–4000 range to scale in positions for a rebound (“do” a head). Target 4035, with a further look toward the 4055 resistance area.

Note: This is for reference only and does not constitute any investment advice. $XAUT