Gold Market Trend Analysis:

On August 15th, gold experienced an early morning rally to around 3374 before encountering resistance and declining. The session reached a low near 3329 in the evening, closing with a bearish candlestick pattern that aligns with the technical logic of continued downward momentum. Based on current market dynamics, the correction phase appears incomplete, with today likely to test lower levels. Trading strategy favors shorting on rebounds as the primary approach.

Regarding resistance levels, daily chart resistance sits near 3357, which represents the 38.2% Fibonacci retracement of yesterday's decline wave. This level presents an opportunity to establish short positions upon contact. Hourly resistance lies around 3346, serving as the intraday bullish-bearish dividing line where early short positions can be initiated upon price approach. Notably, the early morning rebound high near 3341 represents a critical short-term strength threshold. If market weakness persists, prices will likely remain below 3341 with limited rebound momentum.

In terms of targets, the initial focus is on 3330 (yesterday's low region). A breakdown below this level would direct attention toward 3320, which corresponds to the 61.8% Fibonacci retracement of this corrective wave. If this level holds, long position opportunities may emerge. Should prices effectively break below 3320, downside space would expand significantly, potentially extending 10-20 dollars lower, with strong support expected near 3290 (upper boundary of the previous consolidation platform).

Trading Recommendations: If prices rebound first, initiate short positions near the 3346 zone with stop-loss above 3352. If market weakness develops, early short positions can be established around 3341 with stop-loss above 3347. If prices decline initially, long positions may be considered near the 3320 zone with stop-loss below 3315.