7.28 Gold Midday Review

Guys, good afternoon! The 4050-4040 support zone we mentioned this morning really proved reliable. The gold price surged higher in the early session, then pulled back; it briefly dipped to around 4034 and then rebounded quickly. It’s currently consolidating around 4049, which shows the support below is indeed effective.

The afternoon strategy is clear: since it can’t drop further, go long on dips around the 4040-4050 support zone. From the 1-hour and 4-hour charts, although the bigger trend is still in a pullback, the short-term downtrend has already slowed down, and the bulls are starting to push back. As long as it doesn’t break the 4000 level, the bulls have a chance to rebound and test 4080, even 4100.

In terms of execution, the steady approach is to try a small long position near 4040, set a stop loss below 4030, with targets at 4060-4080. The aggressive approach can enter directly at 4049 at market price, betting on a rebound. Remember: don’t chase price up—buying on dips is the way to go! $XAU ‌