$XAU Don’t count on a rebound. In the past 24 hours, gold prices have fallen 2.71% and are still hovering above 4451, grinding lower in a bearish drift. Over the past four hours, net losses are 2.6%. This structure is a straight road for the bears. In the spot market’s 20-price levels, buy volume is 54 versus sell volume of 30.7—this looks like support, but on the futures side, the active buy orders are down to only 28%, while sell orders are 428 lots. The limited depth in the order book can’t absorb contract sell-offs. Enter short on a rebound to 4475 (15-minute 50-period MA). First target: 4296. Second target: 4167. Stop loss: 4655.