On July 31, U.S. officials stated that President Trump has ordered a new round of strikes against Iran aimed at forcing Tehran to capitulate. These operations could begin as early as this weekend and last for several days, intended to compel the Iranian government to return to the negotiating table. Given the recurring nature of conflicts in the Middle East, one should not place blind confidence in the bulls; instead, it is crucial to exercise caution and trade in the direction of the prevailing trend.

Looking at the current 4-hour chart, overhead resistance remains significant. In the short term, we are monitoring resistance levels at 4060–4066 and 4090–4100, with a key focus on the 4120–4125 range. On the downside, short-term support lies at 4020–4025, with critical support at 3990–4000. We maintain a firm bearish stance, looking to sell into rallies where resistance holds.

Gold Trading Strategy:

1. Short gold in the 4160–4166 range; add to short positions if it rebounds to the 4090–4100 range; set stop-loss at 4107; target 4020–4026, with a potential move to 3990–4000 if the level breaks.