GOLD.GOLD.GOLDGoldOANDA:XAUUSDTurtle_TVThe situation in the Middle East deteriorated again over the weekend, leading to the re-closure of the Strait of Hormuz. This was triggered by the US military firing on and seizing Iranian merchant ships in the Gulf of Oman, while Iran explicitly refused to participate in the second round of US-Iran negotiations and vowed to retaliate. This series of events not only increased global energy risks but also exacerbated market concerns about inflation, significantly dampening expectations of a Federal Reserve rate cut and causing the US dollar index to rise rapidly to a one-week high, putting significant downward pressure on gold. Gold opened lower today, hitting a low of 4737 before quickly rebounding, and is currently trading around 4790, forming a V-shaped structure on the hourly chart. This is similar to the market movement last Monday. Although gold fell, the downward momentum was insufficient. Since there was no significant second pullback, gold is currently still in a range-bound market. As mentioned last week, in a volatile market, we need to pay attention to the Fibonacci retracement level (0.618). Currently, the 0.618 level is around 4830-32, and we can see that this level is also the low of Friday's closing price, forming a support/resistance reversal. Therefore, the 0.618 level coinciding with this support/resistance reversal level presents an excellent opportunity to short gold. Furthermore, in a volatile market, we also need to pay attention to support and resistance levels. The double bottom and the bottom of the large bullish candle on the hourly chart are around 4770, which is the support level below. Next, we will monitor geopolitical developments while simultaneously looking for opportunities and tradable signals from the technical indicators. Every wave of price movement has a clear direction that can be grasped. As you can see, our recent trading based on support and resistance levels has been very successful. In summary, today's trading strategy is: short gold at the 4825-35 resistance level and go long gold at the 4770-4780 support level.