Spot Gold:
As of July 24, market news indicates that gold prices faced resistance after a weekly rally and subsequently declined. During Asian trading on Friday (July 24), spot gold briefly dipped to around $4,020, but overall market support remained firm without triggering panic selling. Institutional analysis suggests that the current pullback is a typical rational profit-taking adjustment, rather than a panic-driven exodus of funds or a reversal of the long-term trend. Retail investors, sitting on substantial profits, are actively reducing positions and waiting for lower entry points. This, combined with subdued short-term buying due to interest rate hike expectations, is the core reason for the current consolidation. Meanwhile, three major long-term bullish factors—continued central bank gold purchases, persistent geopolitical risks, and sticky inflation—remain in place, keeping gold's fundamentals robust. In the short term, gold prices are experiencing volatility due to US Federal Reserve policy expectations, but the medium-to-long-term bull market logic remains intact, with the market broadly expecting higher gold prices by year-end.
From a technical perspective, the daily chart shows that after breaking above its previous consolidation range and rallying sharply, spot gold has now pulled back to around $4,050, suggesting that profit-taking from high levels has begun. The overall trend remains positive, but short-term momentum is weakening. If the price can hold near the key psychological level of $4,000, the bullish structure could continue, with resistance above seen in the $4,100 to $4,120 area. A break below the $4,000 support level could lead to a further decline toward $3,950. Looking at the 4-hour chart, gold has experienced a technical pullback after hitting a two-month high, with short-term moving averages flattening and momentum shifting from strong to weak. The MACD indicator shows a contraction in upward momentum, and the RSI has fallen from overbought territory, indicating increased short-term adjustment pressure. If the price can reclaim a foothold above $4,070, it could test the $4,100 resistance again. If it continues to struggle around $4,070, attention should focus on the effectiveness of the $4,020 support level. Key levels to watch this evening are resistance at $4,070/$4,110 and support at $4,020/$4,000.
Evening Gold Trading Suggestions:
Personal suggestion: Consider going long on a pullback to $4,023/$4,005, and consider going short on a rebound to $4,085/$4,108. Use a stop-loss of $10 each, targeting a move of $20/$50.
[GOLD Watershed: $4,080/oz. The above views are for reference only; diversify positions reasonably and strictly control risk!]
WTI Crude Oil:
On the news front, during Asian trading on Friday (July 24), US crude oil prices edged slightly lower from recent highs. Escalating tensions in the Middle East, including disruptions to shipping lanes in the Strait of Hormuz and the Red Sea, as well as the partial suspension of crude oil loading operations on the Caspian Pipeline Consortium (CPC) pipeline, have amplified worries about global energy supply. The market is pricing in a higher risk premium, maintaining a strong upward trend for international crude oil prices. As the scope of the Middle East conflict widens, investors are reassessing energy supply security, keeping the oil market in a state of high volatility.
From a technical standpoint, ongoing military tensions between the US and Iran have intensified market anxiety. Yesterday, international oil prices surged, breaking above the previous consolidation range. Technically, on the daily timeframe, the moving average system is pivoting to a bullish configuration, and market momentum is strong. On the 4-hour chart, the MACD indicator remains above the zero line, but the red histogram bars are showing signs of contraction, reflecting waning upward momentum. The RSI has retreated from high levels, indicating a need for short-term technical adjustment. Oil prices are expected to maintain a high level of activity today, but traders should be wary of profit-taking pressure from elevated levels. Key levels to watch this evening are resistance at $91.0/$93.4 and support at $88.6/$85.8.
Evening Crude Oil Trading Suggestions:
Personal suggestion: Consider going long on a pullback to $86.2/$87.4, and consider going short on a rebound to $91.0/$92.0. Use a stop-loss of 1.0 points each, targeting a move of $3.0/barrel.
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