Yesterday, gold overall exhibited a pattern of sharp rally followed by a pullback, with a deep wash-out of a unilateral breakdown. The market opened lower in the morning and continued to decline, with a low around 5125 before a slight rebound. During the session, it briefly touched 5190 but faced resistance and fell back. In the US session, gold prices directly broke below the key support of 5145 and failed to regain it. The bullish rebound weakened as bears continued to dominate, accelerating the decline into the close and reaching a low of 5054. The final price was 5079, forming a large downward candle on high volume, completely ending the previous rally momentum.

On the daily chart, a second consecutive bearish candle has formed, with moving averages in a bearish alignment, and the MACD histogram showing increasing green bars, indicating that downside momentum has not fully dissipated. Short-term bears are in control, with resistance during rebounds. On the 4-hour chart, the MACD fast and slow lines remain in a death cross pointing downward, but the bearish momentum histogram is gradually shrinking, suggesting that the downward energy is weakening. There is a clear short-term oversold rebound correction demand.

The current key support/resistance level is around 5120. If the US session can hold this level, a W-bottom pattern may form, leading to a rebound and potential testing of resistance near 5150 or higher. If the price fails to break above 5120 under selling pressure and the rebound momentum exhausts, gold will continue to decline, testing support levels at 5080 and 5050.

Gold market analysis: The US session is likely to first consolidate and then choose a direction, mainly with a weak recovery. If the rebound cannot break 5120, further declines toward 5080-5060 are expected. If 5060 holds, a small rebound toward 5100 may occur.

Disclaimer: The above content is shared for personal analysis and viewpoints only and does not constitute trading advice.