The Federal Reserve this time clearly tilted hawkish, and the expectation of interest rate hikes has warmed up, causing gold prices to drop directly, falling from 4380 all the way down to around 4219.

Recently, gold has been eager to rebound, but every time it reaches the 4360–4380 range, it gets pushed back, unable to go higher, indicating heavy selling pressure above and that the bulls clearly lack confidence.

Overall, the trend is still downward, and short-term market sentiment is quite fragile, with limited rebound strength, making it unrealistic for the bulls to organize a counterattack.

Currently, resistance levels have moved down to 4310–4330, and above that are 4365–4385; support first looks at 4230–4210, and if broken, the next area to watch is 4160–4140.

I think gold is very likely to test 4160–4140 again, to see if it can stabilize there.

Since the overall direction is still biased towards weakness, it’s better to wait for a rebound before making a move, paying close attention to the 4305–4325 range, which could be a good entry point when reached.