7.29 Morning Gold Analysis

Yesterday, gold rose to a high and met resistance, then traded sideways and declined. The low reached 4011. The market’s swing highs keep moving lower; even a small rebound cannot break through the key resistance. Moving averages continue to weigh on the price, and bearish sentiment dominates in the short term.

The US dollar remains in a high-range consolidation, continuing to pressure the gold price. Market long sentiment is weak, lacking positive catalysts, so it will be difficult for a short-term rebound to reverse the bearish trend.
Rebound at 4030–4040 to sell in batches; the primary target is 4012. If support breaks, downside room will open, looking at 3990–3970.

Hint:
The above analysis is my personal view of Muyao. The market can change rapidly; the content is for reference only and does not constitute any investment advice!
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