Rising encounters resistance, oscillates, and pulls back!

The 4530 level repeatedly contested, with increased downside risk!

On Friday, gold surged to 4570.5 before encountering resistance and pulling back; today during Asian trading, it oscillated downward, touching a low of 4488.91 at a key support level before weakly rebounding, currently trading around 4531.
Overall, the pattern shows "rising then pulling back, weak rebound" with a predominantly bearish oscillation, with fierce battles between bulls and bears.
The 4530 level is a short-term dividing line between bullish and bearish; a break below opens further downside space.

Technical signals are predominantly bearish:
The TRIX trend indicator remains in a death cross downward trend, the triple exponential smoothing lines continue to diverge, and the medium- to long-term bearish structure is solid;
The MACD fast and slow lines continue to form a death cross below the zero axis, and although the green momentum histogram has slightly shrunk, the bearish momentum has not fully exhausted, limiting the rebound potential.
A standard bearish divergence has formed on the four-hour chart, with the price failing to break above the middle band of the Bollinger Bands at 4550, indicating resistance.
Short-term moving averages are arranged bearishly, with MA20 and MA60 forming a strong resistance zone.
The RSI indicator, though out of the oversold zone, shows weak upward momentum, indicating the rebound lacks sustainability.
The 4488-4500 zone is the current key support; if it is broken effectively, the price could further decline to the previous lows around 4460-4470.

Steady positioning:
Short positions can be taken in the 4545–4565 and 4605–4630 ranges, targeting 4520–4500.
If it breaks below 4490, further downside to 4460–4470 key support levels is possible.