Gold is under downward pressure; be cautious about a potential deep pullback in the future.

Technically, the four-hour timeframe shows clear weakness. The gold price has sharply retreated from the previous high around 4891. It has now broken below the middle band of the Bollinger Bands and is trading in a weaker lower-to-middle band range. The Bollinger Bands are opening downward, and the downside trend structure is intact. Meanwhile, the KDJ indicator’s three lines are falling, staying in a weak, low-range zone. Bearish momentum continues to release, and short-term rebound strength is lacking, with heavier resistance overhead.

From the news perspective, global risk sentiment has somewhat warmed up. U.S. stock index benchmarks have surged significantly, cooling market demand for safe-haven assets and directly weakening support for gold’s safe-haven buying. In addition, the market’s optimistic expectations for the next phase of developments leave gold with severely insufficient upside momentum.

Overall, the short-term market is under pressure and trading in a choppy, downward direction. For the upside, focus on the resistance zone of 4585-4640. If rebounds fail to break above this resistance, the bearish outlook remains. On the downside, watch 4560 for short-term support. If it breaks, it may further probe down toward the 4528 low. At this stage, the priority is to follow the trend and look for a pullback.

Suggestions:
Buy in batches around 4600-4620 on rebounds, with targets at 4550 and 4500.