Guys, good morning! Gold is now around $3,992, let’s quickly go over the trend.

On the 4-hour macro level, this move has been falling from the $4,202 high all the way down. Along the way, several rebounds failed to hold above $4,100. The overall downtrend hasn’t changed. What we’re seeing now is an oversold bounce after the drop—still not at the reversal stage.

The 1-hour short-term cycle is clearer. Yesterday, it plunged to 3,969. The bears pushed too hard in the short term, and the energy release is pretty much done. In the morning, price slowly pulled back above 3,990, which is a normal technical correction.

Next, watch two key levels: for upside resistance, look at the $4,010–$4,020 zone. A prior support level has now turned into resistance. The probability is high that if the rebound reaches this area, it will face pressure and fall again;

for downside support, look at $3,970–$3,960. If it holds, it can consolidate in the lower range; if it breaks, it will continue probing lower. Overall trend is bearish. For longs on the short-term, only go for quick entries and exits—don’t get into a long fight.

Trading idea: sell/bid the rebound around $4,010–$4,020, target around $3,970–$3,960.
$XAU ‌