Sharp decline followed by weak consolidation! The 4440 critical support remains under pressure, with a target of 4400!

On Friday’s late trading, gold surged to 4589 before encountering resistance and collapsing; today during Asian trading, the decline continued in a cliff-like manner, with a low of 4420, the extreme support, followed by a slight rebound, currently trading around 4463. Overall, the market shows a “high-level collapse, weak rebound and correction” bearish dominance pattern, with bulls and bears severely out of balance. The 4440 level has shifted from previous support to short-term strong resistance, and 4420 has become the last lifeline for the bulls. A break below will trigger a new round of accelerated decline.
Technical bearish signals are fully reinforced: on the daily chart, a bearish engulfing reversal pattern has formed; EMA15, EMA30, and EMA60 are all in a bearish alignment; the price is entirely below the moving average system, confirming a trend reversal. The TRIX trend indicator has formed a death cross at high levels and continues downward, indicating bearish momentum is accelerating; the MACD fast and slow lines have quickly crossed below zero after a death cross above the zero line, with green momentum bars increasing in size, dominated by bearish strength. The RSI has rapidly fallen from overbought territory to below 30 in oversold zones; although a technical rebound is needed, the rebound space is extremely limited under the strong trend. The Bollinger Bands are expanding downward, with the price moving along the lower band; the upper band resistance is in the 4510-4530 range, and the lower band support is at 4420, clearly indicating continued bearishness.
The four-hour chart shows a standard downward channel, with the price continuously declining along the channel’s lower boundary. Rebounds during this period are merely bear market corrections, not trend reversals. The current market rhythm indicates that bearish forces are still being released, and short-term rebounds are “weak corrections,” mainly to accumulate selling pressure for further declines.
Today’s trading strategy remains focused on shorting during rebounds. Watch the resistance at 4480-4500 and 4540-4560 zones; if these resistances hold without breaking, consider going short from higher levels, targeting a 30-400 point decline.