On the four-hour chart level, gold has continued to fall in a step-like manner. While the lows keep moving lower, each time gold breaks to a new low, it also produces another decent rebound. Tonight, this round of rebound happened before each trading session; after it precisely tapped the 4040 resistance, it pulled back.

From external factors, today is Monday, and with no news-driven impact, volatility likely won’t be particularly large. After gold tested the 4040 pressure level, it clearly lacked follow-through momentum and pulled back. During the day, gold rose in the Asian session and continued higher in the European session. In the short term, it remains slightly bullish, but it lacks momentum. Overall, tonight is likely to see a high-range sideways consolidation and a repair in the short term. Personally, I believe the gold price will most likely trade within the 4010—4040 range. For trading, my personal suggestion is to sell high and buy low within the range!$XAUUSD