6.30 Muyun Midday Analysis



Gold opened slightly higher this morning and oscillated upward, surging to 4022 before facing significant resistance, then quickly plunged to a low of 3943. After the sharp decline, gold prices modestly rebounded and recovered, currently hovering near the upper Bollinger Band.

On the news front, there are no key economic data releases today. The morning decline was mainly due to concentrated profit-taking by early long positions. The current modest recovery is merely a technical correction after the sharp drop, not a signal of a bullish reversal.

Technically, the upper Bollinger Band at 4019 forms direct resistance. As gold prices rebound and gradually approach the resistance level, upside room is very limited. The overall bearish pattern has not changed. This rebound is only a short-term consolidation, and after building momentum, prices may continue to dip lower.

Trading approach:
When gold rebounds to the 4020-4040 range, consider short positions in batches.
Targets: 4000, 3975, 3940 in sequence. #黄金
GLDX-0.30%
PAXG-0.90%
XAU-0.95%
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