7/3: Focus on Short Positions, Watch Support Near 3320Good morning, everyone!
Yesterday, gold tested support near 3328 but failed to break below it effectively. The price then rebounded toward the 3350 level. At today’s open, gold briefly extended to around 3365 before pulling back.
Technically:
On the daily (1D) chart, the price remains capped by the MA20, with no confirmed breakout yet.
Support levels below are relatively dense, and moving averages are increasingly converging, suggesting a breakout in either direction is approaching.
Key intraday support lies in the 3321–3316 zone.
On the 2-hour chart, we are seeing the first signs of a bearish divergence, indicating a need for technical correction. Much like Tuesday’s setup, there are two possible scenarios:
If 3342–3334 holds, the price may extend slightly higher, intensifying divergence before pulling back;
If 3337 breaks, we could see a drop toward 3320, where correction would occur through a direct decline.
From a fundamental perspective, several high-impact U.S. data releases are scheduled for the New York session, which may increase volatility and make trading more challenging.
Trading suggestion:
For most traders, the safest approach is to wait for data to be released, then look for oversold rebounds or overbought corrections following sharp market reactions.
This style requires patience and strong risk control—avoid being overly aggressive or greedy, as such behavior can easily lead to trapped positions or even liquidation.
