The Federal Reserve's interest rate decision is imminent, and the shoe will drop. If a 25 basis point rate cut meets market expectations and there are no expectations of multiple consecutive rate cuts, gold will experience a sharp correction. If a 50 basis point rate cut occurs, gold prices will continue to strengthen.

Technical Analysis

From yesterday to now, the market has not seen a continuous rise, with the hourly chart showing alternating negative and positive trends. Coupled with the lack of overnight strength, the probability of a short-term downward correction is high at this point in time.

The market has already retreated to around 3680. At this level, it is unlikely to break new highs based on overnight strength. 3674 is currently a key support level, representing a previous historical high. A break below this level will weaken gold and lead to further declines. If it stabilizes above this level, gold will remain relatively strong.

I have already opened a short position in the 3690-3695 high range. For short-term trading tonight, I will continue to focus on short positions. If the price rebounds to around 3690, I will still enter a short position, with targets at 3660 or 3640. Stop loss at 3705.

If you agree with my views, please give me a thumbs up. Thanks for your encouragement and support.