Prices face resistance after rising sharply! The 4700 level is under pressure, and the downward space opens up!

Last Friday's late trading saw gold surge strongly to around 4765 before encountering resistance and plunging. Today in the Asian session, the weak consolidation pattern continues, with an opening gap down and persistent downward pressure. The lowest point reached around 4670, a key support area, and current trading is near 4690. Overall, the market shows a "high-level resistance and oscillating decline" bearish pattern. After the battle between bulls and bears, the bears dominate, and the 4700 level has become a short-term important resistance.

Technical signals are overwhelmingly bearish: the daily KDJ shows a death cross at high levels and is diverging downward, the MACD red bars are shrinking and about to form a death cross, the middle band of the Bollinger Bands is under clear pressure, and bearish momentum is gradually strengthening, limiting the rebound strength; the 4-hour trend is weak, with prices trading below the short-term moving averages MA5 and MA10, the Bollinger Bands are opening downward, the MACD has a death cross with green momentum bars expanding, and the RSI indicator is weakening at mid-low levels, indicating the bearish trend continues. Short-term rebounds are only technical corrections and cannot change the overall downward rhythm.

Steady positioning: short at the 4710–4725 and 4755–4775 zones on rebounds, with a target of 4670–4645. If the 4700 level is effectively broken downward, the decline outlook remains valid.