XAUUSD: Strong Bearish MomentumGOLD / US DOLLARPYTH:XAUUSDMiles_traderGold is fully dominated by bearish momentum today, trading weakly within a low range. We sell on rebounds and refrain from trying to call or buy the bottom. Technical outlook Daily chart: A large bearish candle broke below the 200-day moving average. Moving averages form a bearish setup, indicating a strong downtrend. Hourly chart: Price sees a mild rebound after a steep decline on thin trading volume, moving along the lower Bollinger Band. Such rebounds are merely corrective and will not reverse the trend. Resistance 4370–4380: Major resistance zone and the upper limit for rebounds 4350: Key intraday resistance, unlikely to be broken during rebounds 4330: Minor short-term resistance Support 4300: Critical short-term support. A break will trigger further sharp declines 4280: Strong support level 4250: Next downside target for bears Trading strategy: Sell 4340-4350 SL 4385 TP 4300 - 4280 - 4250