Spot gold prices are oscillating and trending lower, with the rebound momentum weakening, and the gold price has already broken below the key support level of $4,540 per ounce, down 0.43% intraday.

Currently, the momentum of gold's rebound is continuously weakening, with obvious resistance above, and the short-term rally is thus hindered. The US dollar stabilizes and rises, US Treasury yields remain high, continuing to pressure gold prices. The geopolitical safe-haven benefits are gradually diminishing, and market safe-haven funds are exiting on rallies.

Technical market conditions have shifted into a weak correction, with the dominance of the bearish trend gaining control, as prices repeatedly break through important support levels. The overall short-term trend is biased toward oscillating and weakening, with subsequent consolidation and accumulation of momentum, observing the validity of support levels below.