Gold faced resistance at the 4550 level yesterday and began to pull back. After falling below 4520, the bearish trend was firmly established. During the US session, the price continued to decline to 4303, with a total trading range of 247 USD for the day, ending with a large bearish candle.

Looking at the market structure, the large bearish candlestick on the daily chart confirms a short-term top. The decline has already approached the previous wave from 4370, which was a significant correction. Currently, the daily resistance level has shifted down to around 4440, but without major news catalysts, a strong rebound to this level will be difficult. The 10-day moving average and the bull-bear dividing line are at 4390 and 4395 respectively, making this zone the key resistance area today. On the four-hour chart, support is currently at 4405. As time progresses, it is expected to gradually approach the 4395 region. Therefore, the optimal short entry point should be around 4395, with 4440 as a secondary target.

Based on the rebound performance after the previous decline, this rebound is also unlikely to be very large. The one-hour acceleration line is at 4380, with key levels to watch at 4306 and the round number 4300. Once broken, attention shifts to 4285, 4270, 4265, and 4240.

In terms of trading strategy, if during the Asian session the price rebounds to the 4380-4395 range, you can look for weak signals on the 1-minute and 5-minute charts to initiate short positions, targeting the support levels mentioned above. If the trend is particularly weak, and the rebound cannot surpass 4372, that level can be considered the most aggressive short entry point.