7.29 XAU Analysis

Gold is currently under pressure near the Bollinger upper band. Although the price has attempted to break through, its validity remains to be confirmed. The mid-band at 4034 serves as the short-term long/short pivot line. RSI(6) recorded 72.15, entering the overbought zone, suggesting that short-term bullish momentum may be overloaded and there is a risk of profit-taking pullback. Meanwhile, the MACD performed a bullish crossover below the zero axis: DIF crossed above DEA, and the histogram flipped back up to 6.85, confirming that bearish momentum has started to weaken and bullish power has been released initially. Overall, the structure is range-bound but slightly bullish; however, the upper band plus the overbought condition create dual suppression, making direct breakout difficult. In the short term, it is more inclined to pull back toward the mid-band to build up energy. For execution, it is advisable to wait for the price to retrace and test around 4034, then look for long entries after stabilization. Set the stop loss below 4019. If price can hold above 4052, upside space can be opened; otherwise, be cautious of the risk of a high push followed by a pullback.

Trade suggestion: 4000-4020 pull back area, targets 4045-4100.$BTC $GT $GT