Pressured by the resistance of the major short-term downtrend line, spot gold edged lower in early trading today. Meanwhile, the Stochastic Oscillator showed a bearish divergence after hitting the severe overbought zone, sending out preliminary bearish signals.

Combined multiple factors have intensified the downward pressure in the spot gold market. Various technical signals confirm each other, raising the probability of further declines in gold prices in the short run. As long as the current resistance level remains valid, this trend of spot gold is likely to continue.

Expected support level: $4050.00, resistance level: $4150.00

Trading Strategy: Bearish

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