The downward trend in the market is unlikely to change.

top_analyst_chuck

Overall, the cooling of CPI has temporarily brought about a short-term technical rebound in gold prices. However, the hawkish stance of the Federal Reserve and the dual pressure of inflation risks in the Middle East remain, so gold has not yet entered a sustained bullish trend. In the short term, it should be viewed as a range-bound market.

For the short term, the strategy is to focus on buying on dips for recovery. Wait for a pullback to the 4040-4050 support level before considering long positions. The upside target is the 4090-4100 resistance level.

We will not consider going long above 4100 for the time being. We can consider shorting again when the price touches the 4120-4135 resistance level and wait for the price to fall back under pressure.

Comments

top_analyst_chuck

Jul 16

Currently, market sentiment is dominated by bears, the rebound is extremely weak, and the overall downward trend remains unchanged. The first short-term resistance is currently around 4040; a break below this level would turn it into short-term resistance. Strong intraday resistance lies in the 4070-4080 area, which is yesterday's rebound high. The short-term downside targets are 3960-3950-3943, while the key support level for the longer term is at the 3900 mark.