7.28 midnight gold market commentary

After the gold price broke below 4040, it found support around 4017 late in the evening. It has since rebounded slightly to around 4035. From the 1-hour and 4-hour charts, although the selloff has slowed down, the overall trend is still bearish and ranging. 4050-4060 has become the pressure zone for a short-term rebound.

Right now, the market’s focus is entirely on the Fed’s interest-rate meeting, and everyone is waiting for an official statement. Although earlier risk-off sentiment faded and oil prices plunged, which weighed on gold, global central banks increasing their gold holdings and expectations for potential rate cuts remain long-term supports. Tonight, it will most likely maintain a wide-range consolidation as we wait for the direction to become clear.

For trading, a long position at lower levels can be considered; you may want to trim now at 4040. There will be big volatility in the middle of the night—never go all-in and stay up late to force it! $XAU