Sharp decline followed by a weak rebound! The 4500 life-and-death line is nervously held, rebound encounters resistance at 4540!

On Friday's late trading, gold surged to 4629 before crashing down sharply; today during the Asian session, the weakness continues with a downward trend, touching a low of 4501 at a key support level before a technical rebound, currently trading around 4538. Overall, it shows a "sharp decline followed by a rebound, encountering resistance and consolidating" oscillating pattern, with bulls and bears fighting intensely. The 4500 level is the last line of defense for the short-term bulls; losing it will open the downside space toward 4450-4400.

Technical bearish signals dominate the market: On the daily chart, the TRIX trend indicator has formed a death cross at high levels and continues downward; the MACD fast and slow lines are diverging below the zero axis with a death cross, and although the green momentum bars have slightly decreased, they are still in an expanding phase. The bearish momentum has not fully exhausted, limiting the rebound space. On the four-hour chart, the MA5, MA10, and MA20 form a bearish alignment; the price rebound is constrained by the MA5 line. The RSI indicator has risen from oversold territory to around 48 but has not broken through the 50 threshold, indicating insufficient rebound momentum. The one-hour cycle shows some short-term recovery needs, but declining volume makes it difficult to form an effective reversal.

Steady positioning: Rebound to the 4545–4565 zone and short at 4585–4595, targeting 4520–4500. If the 4500 level is broken, add positions downward toward 4470–4450. In the short term, be cautious about the effectiveness of the 4500 support; if tested repeatedly and broken, it will confirm a new downtrend. The rebound is a good opportunity to short, do not blindly bottom fish.