Rebound at high altitudeGoldOANDA:XAUUSDDylanGoldman1.CME's margin increase continues to fuel bearish sentiment: The CME Group increased gold futures margins by 10%, effective after yesterday's close. This policy directly triggered passive position reductions by institutions, serving as the core catalyst for yesterday's sharp decline. In the short term, the negative impact of the policy has not been fully absorbed, and institutions are still adjusting their positions, making concentrated selling pressure likely during any rebound. 2.Year-end profit-taking pressure remains high: Gold prices have risen by over 60% this year, resulting in substantial profits for long positions. Yesterday's sharp decline triggered the first wave of concentrated profit-taking, and the current rebound to around $4378 provides another opportunity for those who haven't yet exited their positions to "stop loss or take profit." The $4380-$4400 range will be a concentrated area for profit-taking pressure. 3.Easing tensions in the Russia-Ukraine conflict reduce safe-haven demand: Positive signals from the Russia-Ukraine peace talks have broken the recent geopolitical risk support for gold. Market safe-haven demand has cooled in the short term, further weakening gold's bullish momentum and providing support for short positions. 4.Technical indicators show a clear weakening trend: On the daily chart, yesterday's large bearish candlestick broke through the 5-day and 10-day moving averages, and the rebound after touching the 20-day moving average was weak, forming a clear "trend weakening" signal; on the 4-hour chart, the Bollinger Bands are opening downwards, and the MACD histogram is expanding, with the rebound failing to break through the Bollinger Band's middle line resistance; on the hourly chart, the $4380-$4400 range corresponds to the "gap" created during the previous sharp decline, and is also subject to resistance from the 5-day and 10-day moving averages, resulting in extremely strong technical resistance. Gold trading strategies sell：4390-4400 tp:4370-4360-4330