Gold’s hearing last night triggered a sharp drop and a shakeout to wash out positions; then it surged again at 4 a.m. It’s clear that funds took on chips at the low end, and then pushed the move forward using this news. The lowest reached was the 4670 level. It directly mirrored the previous wave’s volume pattern: earlier, the selloff from 4857 to 4637 cut $220, and this time the drop from 4890 to 4670 cut $220 as well. In fact, the down-dip volume on those two occasions was even the same, indicating that the price control was taken to the extreme. Today, gold is watching support at 4644. If 4644 breaks, the first rebound from 4100 will be over; afterward, price will either run a pullback targeting the 4100-4900 range or move into a new decline. As long as 4644 is not broken, keep looking for price to stay above 5000, and watch whether the first resistance at 4760 can be broken.