Gold suddenly plunges! The most panicked are not retail investors, but the bears?

After gold broke below $4,500, many people's first reaction was:
“It's over, gold has peaked.”
But veteran traders see this widespread bearish sentiment online and become more alert.
Because there is a classic market rule:
When everyone thinks prices will fall, a rebound is often on the way.
This gold adjustment is essentially a short-term shift in market sentiment. The US dollar index rebounds, US Treasury yields bounce, putting pressure on gold.
But the real question is: how long can these factors last?
If the US economy continues to slow down, the Federal Reserve might eventually cut interest rates. And one of the biggest beneficiaries of rate cuts is gold.
So now the market is entering a very interesting phase:
Short-term bearish;
Mid-term logic still leaning bullish.
This leads to intense capital battles.
Many retail investors cut losses and exit during the decline, but some institutions are quietly accumulating. Because they know, gold’s true rally often doesn’t happen when everyone is excited, but when the market is doubtful.
From a technical perspective, $4,500 is more like an “emotional test.” Holding above it, bulls still have a chance to regroup and attack; losing it could lead to further declines.
But even if it continues to fall, I believe the space won’t be too exaggerated. Because global safe-haven demand still exists.
Currently, the global market is quite fragile:
US stocks at high levels;
High debt levels;
High geopolitical risks.
In this environment, gold is unlikely to be ignored for long.
So my outlook for gold in May is:
First panic, then recovery.
What does the market resemble now?
Like a roller coaster just rushing down the first slope. Screaming is loud, but the real climax might still be ahead.
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