7.29 Gold Morning Brief: Solid Support at Lower Levels, Lean on Support for a Bounce

Market Recap: Jingchuan’s midnight gold outlook saw selling pressure build at higher levels, leading to a pullback that reached the target area. The current quote is 4018.08, and the decline is limited. The support from the earlier lows has not been effectively broken. After being oversold, the technical rebound is not yet finished, and there is no momentum for a sustained deeper drop in the short term.

From a Technical Perspective: On the 1-hour timeframe, the gold price holds the 4011 low support and is moving in a range between the lower and middle Bollinger Bands. The 5-day moving average is gradually flattening, and the downward pressure has clearly eased. The KDJ indicator has fallen back into a low range and is about to form a golden cross. In the short term, a rebound could happen at any time. The key support zone lies at 4010–4016, while short-term resistances are at 4034 and 4054. As long as the low is not broken, pullbacks to support are opportunities to go long.

Jingchuan Gold Strategy: When price retraces to the 4005–4015 support zone, scale in and hold. If the current price at 4017 rises, go long directly. The first short-term target is 4035; if it breaks, prices could move up to 4054. $XAUUSD