Gold's European session looks to retreat, with a direct short at the 4350 resistance level! The target is 4280!

On Friday night, the movement of gold directly created a roller coaster, with a big bullish candle surging to around 4360, followed by a sharp drop of 100 dollars, reaching the 4260 level at one point. I believe Friday night was another sleepless night for countless people. Those holding positions must have been shaken out, but judging by my script from last week, most should have adjusted to around 4320 dollars. That's also a decent space!

A new week has begun, and gold currently shows a bearish engulfing pattern on the four-hour chart. The top bullish candle completely covers the big bullish candle, which is a strong breakout. There was a rise in the early session, but the momentum is still insufficient. The rebound is still fleeting; downward movement is the main theme. The heavy pressure above remains unchanged, and the upper resistance is clearly in the 43450-4355 area, while the lower support is also obvious at 4270-4250. Personally, I think the chance of a retreat is greater, as there are signals indicating a short-term peak! Therefore, it would be more prudent to go short on the rebound!