Gold Rejected at 4060 – Why I Turned Bearish AgainGoldOANDA:XAUUSDMihai_IacobIn yesterday's analysis, I wrote that after the strong reversal from the 3942 low, Gold had the potential to continue higher toward the 4200 zone. In fact, I also held a long position after buying a dip. However, I eventually closed the trade at break-even because, as the market evolved, I changed my opinion. At this moment, I no longer believe Gold is done falling. The main reason is yesterday's price action. Although Gold rallied to the 4060 area at the beginning of the New York session, buyers failed to maintain control. The rejection was aggressive, the gains quickly disappeared, and as we can see at the time of writing, Gold is trading back below the 4000 figure. For me, that is a sign of weakness rather than strength and a new opportunity to buy under 4k. Another important observation is the structure that has been developing over the past three weeks. Looking at the chart, the price action increasingly resembles a Head & Shoulders continuation pattern, and in my opinion, this formation has a high probability of eventually playing out. Trading View My short-term outlook has turned bearish again. I expect Gold to start another leg lower, with an initial target slightly below the 3900 zone, representing a potential move of around 1000 pips from current levels. As always, if the market proves me wrong, I will simply accept it and adapt. In trading, changing your opinion when new information appears is not inconsistency. It is called following the market. 🚀