The bears are in full control! Gold surged to around 4799 in the early session but encountered strong selling pressure, initiating a one-sided downward correction. The current quote is around 4611, with a deep retracement of over $180, and the bearish momentum has completely taken over.

In the early session, prices opened high and then declined, breaking through two key support levels at 4750 and 4700, with very obvious technical breakdown characteristics. In the short term, the 4600 level is the last line of defense for the bulls. If it cannot hold, the market is likely to extend downward toward the 4580 to 4550 range. On the upside, 4650 has formed a strong immediate resistance, with further pressure concentrated between 4680 and 4700. Previous support levels have fully turned into resistance for the rebound.

The technical trend clearly points to a bearish outlook. The short-term moving averages on the daily chart have already turned downward and formed a death cross, with the price effectively breaking below the previous consolidation zone’s lower boundary, signaling a trend reversal. The MACD fast and slow lines continue to cross below zero, with the green momentum bars expanding significantly, indicating that bearish energy remains strong. Meanwhile, the TRIX indicator is weakening at low levels, further confirming the current weak pattern. Coupled with increased volume and ongoing capital outflows, any rebounds are more like weak corrections and unlikely to change the overall downward trend.

Operationally, it is recommended to focus on short positions, adopting a strategy of shorting on rebounds. Consider entering short positions in the 4640-4660 and 4695-4720 ranges, with stop-losses set above 4750. If the price breaks above this level, delay entry. The initial target is the key support at 4600. If it is broken effectively, look for a further decline to the 4580-4550 range, with a minimum target near 4500. Also, strictly control position sizes to avoid blindly chasing shorts, and adjust targets and risk management strategies flexibly based on the break of the 4600 level.