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July 14th, Caifuren-Huangyu late-night market wrap-up
Short-term rebound is in place but facing resistance again; new high-altitude opportunities are once again emerging
1. Looking back from the base: the gold price was boosted by CPI-related positive news, surged violently to around 4103 and then fell back under pressure. The current price is 4059. After the hourly chart touched the upper Bollinger Band at 4084, the rise lacked momentum. In the short term, the neck-stand (bull) momentum is gradually fading. Heavy resistance lies at 4084 and 4120 above; support lies at 4030 and 3975 below. This round is only a quick correction/repair, and the larger-cycle neck-down structure has not reversed.
2. From the news perspective: the CPI data only brings short-term support; the Fed’s rate-cut pace will not be easily changed. After a brief pullback, the dollar still has expectations to strengthen again. The upside space for gold is limited, making it difficult to sustain a neck-standing (bullish) trend.
Strategy:
Go short/zone trade the rebound range 4070-4084, targets 4030 and 3990.
Note: The ideas are for reference only and do not constitute any investment advice. $XAUT