Reports of renewed US-Iran negotiations caused crude oil to fall 5% in a single day. Inflation expectations subsequently declined, causing a sharp rise in gold prices. This is a news-driven rebound, not a reversal! Friday's non-farm payroll data: the second major turning point will directly revise expectations for a December rate hike. Two key resistance levels: 1️⃣ 3970–3980: Yesterday's rebound high. If it fails to hold above this level before the US session today, this rebound is likely to fail, followed by a second dip. 2️⃣ 4080–4090: The medium-term support/resistance level. Until this level is firmly established, all upward movements are merely rebounds within a downtrend. A double top (3970-3980) on the 1-hour chart, with a neckline at 3905, a break below this level would accelerate the decline, and the bearish structure remains dominant. Looking down, the downside potential to 3700–3800 USD is limited, lacking the basis for a sustained sharp drop. Do not panic and sell at a loss; emotional selling often results in selling at a temporary bottom. The midterm elections change Congress, not the president, and won't alter the weak structure of gold. My strategy: Short-term: Watch 3910-3890; consider going long. Stop loss at the previous low of 3880. Medium-to-long-term: It's already in a value zone; buy in batches as it falls, no need to try and catch the absolute bottom. Do you think it will break the previous low of 3880? Gold XAAmericaD