7.29 Morning Gold Analysis

After pushing up and encountering pressure yesterday, the gold price consolidated and then moved downward. During the session, it fell back to the 4011 low point.

The recent highs keep trending lower. Although there was a minor rebound and recovery at times, it still failed to break through the key resistance level. The moving average system has formed continuous suppression, and the short-term bearish trend remains dominant.

The US dollar stays range-bound at high levels, continuously weighing on the gold price. Market bullish participation remains tepid. At present, there is a lack of major positive catalysts to provide support, so short-term technical rebounds are unlikely to change the overall weak pattern.

Trading suggestion:
On rebounds, build short positions in batches in the 4040-4050 range. The primary target is 4012. If support is validly broken, the downside room will expand to 3990-3970. #黄金