The fluctuation has not broken, and the market is waiting for a trigger point
Yesterday, the gold price fluctuated repeatedly within the range of 4218–4176, ultimately closing at 4190, and the overall structure remains weakly consolidated. Geopolitical events in the Middle East and Asia, the Russian side's upcoming restrictions on gold bar exports, and the Federal Reserve's candidates suggesting a bias towards interest rate cuts have not provided a clear direction for the market; gold remains in a 'waiting for a breakthrough' stage in the short term.
From the chart perspective: the daily line has closed negatively for two consecutive days, but it has not undermined the structural foundation of the previous bullish trend; the small-scale fluctuation range is narrowing, and the choice of direction is approaching; silver is still consolidating at a high level, providing certain support signals for gold; both bullish and bearish news coexist, with funds tending to wait for clearer guidance from the Federal Reserve.
The market has not weakened to the point of trend reversal, nor has it strengthened enough to confirm a breakout; it is a typical consolidation fluctuation situation. Before a breakout occurs, chasing highs and lows is not a good choice.
Resistance: 4220, 4250
Support: 4160, 4100 (strong mid-line support)
As long as 4160 is not lost, the bullish trend structure still exists.
Trading Suggestions
Bulls should pay attention to the 4160–4100 structural support zone; if maintained, it will provide opportunities for medium-term bulls, with a target focus on 4250+.
Bears should watch the short pressure zone near 4220; it can be shorted until a breakout occurs.
Summary
Gold is weak in the short term, but the structure is not broken; the news is slightly bullish but has not formed a driving force; silver is consolidating at a high level, providing implicit support for gold prices; the real explosive point of the market still requires a breakout from the range.
In the absence of direction, prioritize rhythm in trading, then direction.
