The ups and downs of gold this round are primarily influenced by the U.S.-Iran conflict. Iran has threatened to retaliate against U.S. military bases, but the escalation of geopolitical tensions has not sustained a boost for gold. After completing its downward move, the market has entered a short-term rebound phase. However, the overall trend remains bearish. This rebound is merely a correction during the downtrend, not a reversal. Gold's highs and lows continue to shift downward, with the bearish trend clearly defined. The current rebound is only a minor bounce after the drop and does not change the bearish tone. It's not suitable to blindly buy the dip. The 4133-4138 range serves as a strong resistance neckline. The market has repeatedly surged to this range but faced pressure and retreated. As long as the price fails to break and hold above this level, the bearish trend remains intact. Trading strategy: Short positions can be placed in the 4140-4150 resistance zone, with a stop loss at 4170. Market outlook: After this rebound ends, if the price breaks below 4090, gold is likely to test the 4020 low level.