Summary of Today's Market TrendsGoldOANDA:XAUUSDCole_ReedSummary of Today's Market Trends There has been no fundamental reversal in the prevailing medium-term bearish trend for gold; the current price of 4070 reflects a phase of range-bound consolidation ahead of the policy meeting. While the ceasefire between the US and Iran and the slump in crude oil prices have eased short-term inflation fears—allowing for a modest recovery in gold prices—expectations of a September Fed rate hike remain high. Coupled with a strong US dollar and persistent selling pressure from yen carry-trade unwinding, these factors firmly cap the upside, resulting in a generally weak, range-bound performance. Core Trading Strategy: Prioritize short-selling on rallies that reach the 4082–4088 resistance zone, trading in line with the prevailing trend; consider taking very small positions to play a short-term rebound only if the price pulls back to the critical support level below 4030. Maintain light positions throughout the session and significantly reduce overnight holdings before the close to mitigate the risk of high volatility associated with the Federal Reserve's policy meeting.