Currently, gold on 4/27 is trapped in the 4650-4850 range, mainly due to rising oil prices intensifying inflation concerns, which strengthen expectations of high interest rates from the Federal Reserve and increase the holding costs of gold. As the FOMC approaches, the probability of rate cuts this year decreases, and the confirmation of the new chair nomination adds policy uncertainty. Although various factors continue to suppress gold prices in the short term, the long-term structural positive factors (such as debt, tariffs, military spending, and other fiscal deterioration) remain unchanged. Major cycle players are waiting for geopolitical noise to subside; after the adjustment, gold is still expected to trend upward. From a technical perspective, gold maintains the view from yesterday’s video; the red line in the chart represents a complete downward move, starting from 4100, which is a rebound targeting this decline. A break below 4644 indicates the first rebound from 4100 has ended. The move from 4891 is a correction targeting this rebound, and after finding the correction endpoint, there will be another rebound of the same level. Before falling below 4640, gold still has the hope of testing the resistance at 5020. If it cannot break through, it will begin a correction again. After finding the correction endpoint, like the previous one, there will be another rebound of the same level.