Gold prices plummeted; how should retail investors trade?Gold vs US DollarPEPPERSTONE:XAUUSDGENEKERESGold prices plunged by over $200 during the Asian trading session due to important signals released by Trump. His statements included: 1. A decisive victory had been achieved in the war against Iran, with core strategic objectives nearing completion. He announced the withdrawal of US troops from Iran within 2-3 weeks, ending military operations. 2. He emphasized that the US has ample oil and gas reserves and that the Strait of Hormuz is unimportant. 3. He stated that a more approachable leader has emerged in Iran, suggesting the possibility of negotiations. However, he stressed that the US will not compromise and will use force again if Iran restarts its nuclear program. These news items caused a surge in oil prices, resulting in a repeat of the scenario where rising oil prices led to falling gold prices. With gold prices having fallen below $4660, the hopes for gold bulls have become slim. This level was the lowest point during yesterday's Asian trading session; after breaking below this level, gold has continued to trade within a large range. From a technical perspective, the bullish pattern on the daily chart has been completely broken, with the 5/10-day moving averages forming a death cross. Gold prices have broken below key support levels, and the Bollinger Bands are widening downwards, with the MACD histogram expanding sharply, indicating a very clear downtrend. Looking at the 4-hour chart, gold has been in a continuous decline with consecutive bearish candles, the RSI has fallen below 30 into oversold territory, but the KDJ has not shown a clear reversal, suggesting the downtrend has not yet stopped. Today's trading strategy will primarily focus on shorting gold, with long positions as a secondary option. Key resistance levels to watch are the 4645-4660 area. Key support levels to watch are the 4510-4530 area.