$XAU This round, I’m continuing to look bearish. Everyone is watching whether it can reclaim lost territory, but I think this level is very likely to turn into a supply trap.

The 4-hour short-side structure is still intact, and the daily chart backdrop is also largely bearish. Price around 4021.5 to 4021.9 clearly can’t move up and has been kept under pressure. Take a look at the 15-minute RSI, which is around 48; momentum is neutral, and there’s still room to drop further. Also, the 15-minute volume confirms the real sell-side action.

I’ve already entered the trade, shorting in roughly the 4021.5 to 4021.9 range. Below, you can watch support around 4020.4 and even near 4018.2. The defensive level should be placed above about 4023.5.

This is just my personal trading plan—don’t chase too aggressively, and make sure to control risk.