Muyao: The rebound is just a correction in a weak trend; the gold bearish pattern remains unchanged.

Today’s Asian session continues with narrow fluctuations at low levels, without further deep decline, representing a correction after a sharp drop and a slight rebound from oversold conditions, but the rebound strength is weak, only a technical correction, with no sign of a reversal to strength.

On the daily chart, all moving averages are arranged in a bearish order, and the price remains firmly below the short-term moving averages, indicating the downtrend is intact. The MACD green bars continue to expand, dominated by bears; although there is a short-term oversold correction, it does not change the long-term bearish structure, with multiple resistance levels above.

Short around 4690-4680, with a stop-loss above 4700, targeting 4600, and a break below to 4550.

Overall, the market is biased bearish, focusing on shorting rebounds, not blindly bottom-fishing for longs. Operate with light positions throughout, strictly manage stop-losses, avoid holding large positions or overleveraging.