The Federal Reserve is clearly leaning hawkish this time, with rate hike expectations heating up, and gold prices directly dropped from 4380 down to around 4219.

Recently, gold has been trying to rebound, but every time it reaches the 4360–4380 range, it gets pushed back, unable to break through, 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 is first seen at 4230–4210, and if broken, the next area to watch is 4160–4140.

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

Since the overall trend remains bearish, it’s better to wait for a rebound before going short, paying close attention to the 4305–4325 zone, which could be a good entry point when reached.