On May 18th, international gold prices plummeted to around $4,500, with a single-day drop of over $113, marking the largest decline in nearly two years. The main reason is the surge in global long-term government bond yields (U.S., Japan, and UK 30-year bonds all hit record highs), significantly increasing the opportunity cost of holding gold. Coupled with the U.S. CPI exceeding expectations, this led to the failure of its safe-haven properties. Technical analysis shows that gold has broken below the 4,650 neckline, forming a double top reversal, with short-term fluctuations between 4,480 and 4,510. Over the next 15 days, a bearish dominance is expected, with strategies focusing on shorting rebounds. Resistance levels are at 4,530-4,565, and support levels are at 4,450. If broken, the target is 4,400-4,350.