Gold Morning Outlook

Last week, gold generally traded weakly within the 4670–4770 range, dominated by a bearish trend, with the price repeatedly failing to firmly break above the 4700 level. Due to weekend bearish pressure, the price sharply declined to around 4510, establishing a medium-term downtrend.

On the news front, the market fears that the U.S. may take military action against Iran, pushing oil prices higher, which has increased inflation expectations and exerted clear downward pressure on gold prices. The short-term bearish pattern is unlikely to reverse.

From a technical perspective, 4500 is the key support level today. Combined with weekend negative news, the market is likely to open lower and weaken. If the 4500 support is broken, the bearish space will further expand, and the decline may continue.

Operational reference:
Rebound to the 4550–4570 range to short, targeting 4530–4510, with a break below potentially targeting below 4480;
If 4510 stabilizes, consider light long positions, targeting 4530–4550.