On Thursday, gold prices surged to 4838 before sharply pulling back, and today the Asian session continued the weak trend, briefly touching the key support at 4767 before a slight rebound, currently trading around 4795. Overall, the pattern shows a rise followed by a decline and weak oscillation, with bullish momentum exhausted. 4770 is the last line of defense for the short-term bears.

Technical outlook fully turns bearish: daily candles show consecutive long upper shadows, MACD histogram shrinking, fast and slow lines forming a death cross, RSI pulling back from overbought levels, heavy selling pressure at high levels. The 4-hour Bollinger Bands are narrowing, with prices under pressure at the middle band, TRIX forming a death cross downward, green momentum increasing, indicating short-term dominance by the bears. Rebound space is limited; caution against a breakdown and further decline.

Steady positioning: short positions can be taken on rebounds to the 4810–4825 range as well as at 4835 and 4870, targeting 4780–4770, with a stop below 4750.