$XAU July 29 morning gold analysis

Although the yesterday evening outlook didn’t reach the target position, the straight-line move still had 30 points of room. The late-night snack was still no problem. Today overall, the main idea continues to look at gold; just wait.

On the 4-hour timeframe: after the price pulled back to the lower band support area, it stopped falling and stabilized. Effective buying support appeared near the prior swing low. After that, the demand for rebound correction following short-term oversold conditions is gradually showing up.

The MACD green histogram keeps shrinking, bearish momentum is steadily weakening, and bullish strength is starting to cautiously rebound. In the short term, there’s a high probability of starting a rebound correction行情. For safety, wait until the rebound correction is finished before entering.

Trading reference: gold in the 4040–4050 range, with targets at 4000–3980