XAU

Gold overall shows a volatile downward trend, testing the 4024 level to the downside in this morning's session and gaining some support, then undergoing technical correction, currently trading around 4092, and still maintaining a range-bound consolidation in the lower zone.
From a macro perspective, the larger cycle is still dominated by the bears. The current rebound is more of a technical correction within a downtrend, with relatively limited bullish momentum, and the upward expansion space is clearly constrained in the short term.

Scenario 1: Enter short positions on rallies
If the price rebounds to the 4118–4145 zone and shows signs of stagnation, it can be seen as an opportunity to follow the trend and enter short positions. The support levels below can be sequentially monitored at the 4070 to 4040 range.
Scenario 2: Very short-term long game
The suggested strategy for longs is mainly to observe. Only when the price pulls back to the 4024 level and shows clear stabilization signals can a very light short-term trade be attempted. The expected target above is around 4070, with the principle of quick in and out, taking profits promptly.

4024 is the current critical support/resistance level. If the price effectively breaks below this level later, it indicates that the support below has turned into resistance above, and at that point, the long idea should be completely abandoned, aligning with the bearish trend and focusing on further downside potential.
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