XAUUSD | Gold Technical Analysis: Sell on Rallies, Short-Term CoGold / U.S. DollarFOREXCOM:XAUUSDRiley_XAUXAUUSD | Gold Technical Analysis: Sell on Rallies, Short-Term Correction Not Yet Over My personal bias for gold today remains to sell on rallies. Looking at the chart structure, the price clearly encountered resistance after testing the 4685 level, with subsequent highs trending lower, and recently experiencing a rapid breakdown. The hourly uptrend channel has been broken, significantly damaging the short-term bullish structure. 📌 Fundamentals Gold is facing significantly increased macroeconomic pressure this week. Federal Reserve Chairman Kevin Warsh's hawkish remarks after the Jackson Hole meeting have reignited market expectations for a September rate hike; simultaneously, escalating tensions between the US and Iran have driven up oil prices, increasing concerns about renewed inflation. Latest market data shows that the probability of a September rate hike rose to approximately 57%, strengthening the dollar and US Treasury yields, putting pressure on gold, a non-interest-bearing asset. Of course, geopolitical tensions will continue to provide safe-haven support for gold, so I don't think it's suitable to blindly short here. The truly favorable opportunity is to wait for the price to rebound to the resistance level before shorting. 📉 From a technical perspective Looking at the hourly chart, gold has formed a clear downward trend since its high of 4685, with each rebound high consistently lower. While the current price has found some support around 4430, this appears more like a technical correction after a rapid decline than a clear reversal signal. The first support level to watch is 4433. If this level is breached, the probability of the bears extending their reach towards 4390 will significantly increase. On the upside, the most crucial level to watch is around 4470. This area represents both short-term rebound resistance and a current battleground between bulls and bears. Until a firm foothold above 4470 is established, I personally prefer to view every rebound as a shorting opportunity. 🎯 Today's strategy Gold short-term: Primarily sell on rallies! 🔴 Around 4470: Focus on Shorting Opportunities ⬇️ First Target: 4433 ⬇️ Second Target: 4390 If the price rebound is weak, or even continues to trade below 4433, then the downside potential may open further. Personally, I won't rush to change my bearish outlook just because of a slight rebound in gold. A true trend change requires the price to regain and stabilize above key resistance levels, not just a simple rebound candlestick. For short-term trading, I prefer to wait for confirmation and entry points rather than blindly chasing rallies in this rapid decline. ⚠️ Market conditions change rapidly. The above is only my personal technical analysis and trading strategy and does not constitute investment advice. If you are also following the future price movements of gold, like and follow my page to discuss gold trends and future trading strategies. 🔥📈📉