Gold prices have fallen back below the 5-day and 20-day moving averages. Yesterday's attempt to end the adjustment and return to the rebound path has temporarily evaporated. The only support on the daily chart, the 10-day moving average, was breached during the session, and the current rebound is unfolding around the 10-day moving average near 4107. On the 4-hour chart, the MACD's rounded top is contracting downward, with the histogram shrinking significantly, indicating waning upward momentum.

Analyzing the overall bullish/bearish state of the daily gold chart, the key level for today's bull-bear divide remains at 4150.

If gold rebounds during the session and the 4-hour chart's real candlestick closes firmly above 4150, then gold may still have the potential to continue its rebound. Otherwise, it can only move downward.

The strong resistance area for gold's rebound during the Asian session is in the 4140 to 4150 region. In this area, one can opportunistically place short orders, targeting around 4090.

Alternatively, look for a 15-minute top structure and opportunistically enter short positions.

Yesterday's expansionary range-bound movement in gold serves as a warning. Without a breakout expansion of higher highs or lower lows on the daily level, fakeouts to the upside and downside will occur frequently. Always set protective stops when trading and avoid stubbornness.