$XAU All of this year's gains have been wiped out! RSI has fallen below 20, don’t rush to buy the dip, this level still needs to be tested!

Brothers, take a look at this candlestick chart, XAU has plummeted to 4146, with the lower Bollinger Band at 4129 just below. The MACD has crossed downward, the green bars are still expanding—bearish momentum has not been fully released. RSI has entered an extreme oversold zone!

The main reason is the news: Non-farm payroll data exceeded expectations with strong results, and the market is betting on nearly a 70% chance of the Federal Reserve raising interest rates in the second half of the year. Gold doesn’t generate yield, and once rates rise, funds will flow out completely. Analysts say the gold price has wiped out last year's gains, but this is just the beginning.

Technically, extreme overselling suggests a short-term rebound is possible for correction, but the overall trend remains bearish. Resistance levels are at 4180-4200, support levels are at 4129-4100.

Trading strategies:
- Conservative: wait for a rebound to 4180-4200, then short when the rally stalls
- Aggressive: short near the current price of 4144

Remember, under rate hike expectations, gold has no bottom. Don’t use old thinking to catch falling knives.