Muyao: Bearish momentum continues, high-level resistance zone layout

Overnight gold generally fluctuated weakly, rising to around 4564 before facing resistance and falling back, probing the low of 4518 with a slight rebound, hovering around 4560-4565, with a clear bearish pattern and weak bullish rebounds.

U.S. employment and consumer data performed strongly, the Federal Reserve's hawkish stance remains unchanged, and expectations for rate cuts have cooled again, causing the dollar and U.S. Treasury yields to rise, continuing to pressure gold prices.

Technically, the short-term remains volatile and downward, with 4560 as a key resistance, limiting upward space; 4510 is an important support, and losing it will lead to further weakening.

This morning, rely on range trading, lightly short near 4590, targeting 4550-4510; if the price pulls back to stabilize at 4510, consider short-term long positions for rebounds, strictly control stop-losses, and manage risks carefully.