At the start of the morning, everyone thought the market looked extremely weak and would break downward. Suddenly, a rapid v-shaped rebound came—then a jumpy, volatile range followed, with a shakeout. If you don’t get the short-term trading rhythm right, it’s pretty uncomfortable. But the direction for gold is still bearish; it keeps probing at low levels. Later on, if the downside breaks 3,970 and then the 3,950 historical lows, the subsequent trend will most likely break as well.