After gold prices surged sharply in the U.S. stock market move on Tuesday to around the 4,100 level, they then struggled under pressure and fell. Overhead resistance is clear, and the bulls have not been able to sustain their momentum.

During the day, prices have traded in a range of 4,080–4,020. Although they held above the 4,000 key level, upside suppression remains evident.

On an hourly basis, multiple attempts to push higher were followed by long upper wicks on several occasions, indicating weakening bullish momentum. We will not chase higher blindly.

Intraday trading should still focus on going short at higher levels. What’s happening now is only a rebound and repair after a major drop, not a reversal of the trend.

Trading suggestion: short around 4,070 and 4,085, with targets at 4,020 and 3,950.
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