【7.28 Su Wan Gold Morning Outlook: The Downtrend Has Not Broken; Beware of a Pullback Continuation】

Hello everyone, I’m Su Wan. From the current technical chart, the gold bearish structure is still intact, and the bulls have not yet broken out of a disruptive structure (BOS). Therefore, there are currently no technical conditions for a trend reversal.

Although the gold price previously surged to $4,112, momentum has clearly weakened. The subsequent pullback, in essence, is still a deep retracement within the bearish trend. The market is now testing the $4,050 support level, but this is most likely just short-term consolidation after the drop. Before the bulls re-establish bullish BOS, it’s too early to talk about the formation of a bottom. Overall, the current range-bound action is more like “a corrective repair for a continuing decline,” and you should be highly alert to the continuation of bearish momentum.

Trading idea: Mainly look to short on rebounds. Consider placing short orders in the 4,070–4,090 range. Targets below to watch in sequence are $4,050 and $4,010. $XAUT #ETH重返1900美元