$XAU Focus on the short side. The whole market is chasing a rebound right now, but I think the rebound may stall at this level. The current supply zone has already been activated, the 4-hour short structure is still in place, and the daily chart remains overall bearish. There is a clear reaction around 4020.6 to 4020.9. The 15-minute RSI is around 65, and the bears still have room to keep pushing down. In addition, the 15-minute trading volume has increased by 4x, and real sell pressure has already appeared. You can watch 4020.6 as resistance; the downside targets may look toward 4019.5 and even 4017.5. For defense, watch the level at 4022.4. High-leverage volatility is large—control your risk and don’t go in too heavily.