Gold Prices: Undercurrents and Directional Guidance Easing inflGoldOANDA:XAUUSDEleni_GoldenGold Prices: Undercurrents and Directional Guidance Easing inflationary pressures have reduced the urgency for an immediate Fed rate hike. Global central banks purchased a record 289 tons of gold in the second quarter. This paves the way for a long-term bull market in gold prices. However! Despite such positive data, why did gold prices fall? The core issue lies in profit-taking at key resistance levels and psychological maneuvering. Furthermore, signs of easing tensions in the Strait of Hormuz negotiations prompted some safe-haven funds to lock in profits. Therefore, this decline is not a trend reversal, but a normal pullback within an uptrend. Key Price Levels Emerge 1. Major Trend Unbroken, Channel Intact: Despite the significant pullback, the upward channel since $4,000 remains intact. Remember, as long as the daily uptrend line remains valid, any decline is merely a paper tiger. 2. Short-term bears dominate, further declines inevitable: The RSI (14-day) has rebounded to around 37.8, The MACD has formed a death cross and is trending downwards. After breaking below the 100-day moving average during the Asian trading session, short-term selling pressure needs further release. Currently, we are in the stage of searching for a short-term bottom. 3. Key levels and important positions: Upper resistance: The bears' lifeline is around $4385-$4400. If the US session rebounds to this level, it will encounter strong selling pressure. Lower support: The bulls' first line of defense is in the $4310-$4320 area. This area is a dense area of intraday lows and an opportunity for investors who missed the first round of the rally to enter the market. If excessive panic occurs, $4270-$4285 will be the bulls' last line of defense, and also an excellent left-side trading opportunity. Strategy: Buy on dips, do not chase rallies! Since this is defined as a pullback correction within an uptrend, our core strategy is to "wait" and "buy". Long Opportunities (Primary): If gold prices pull back to the $4310-$4320 range and show signs of stabilization, this can be considered the first buying opportunity. If negative data pushes prices down to around $4280, there's no need to panic; this is actually a "gold buying opportunity," you can aggressively build long positions in batches. Target prices are $4360, or even $4400. In summary: Gold is currently in a "bull market pullback" phase. As long as the downtrend line remains valid, the trend remains in our favor. Trading is challenging; remember not to chase highs and lows, only buy on dips, manage your positions carefully and wait for a clear bottom signal from the market!