Currently, the core resistance for gold comes from the Fed's rate hike expectations heating up and the resulting strength of the US dollar and US bond yields. Although conflicts in the Middle East have escalated, market trading logic has shifted to the "inflation—interest rate" chain, temporarily suppressing gold's safe-haven attributes.

On the technical side, $4,580–$4,600 is a critical resistance zone that short-term bulls must break through; failure to do so maintains a sideways to weak pattern. Support at $4,480–$4,500 will determine whether the short-term price will further decline to $4,450 or even $4,400. In the medium term, central bank gold purchase demand, high global debt levels, and geopolitical uncertainties still provide structural support for gold, but short-term momentum is weak. Investors should pay close attention to this week's PCE data for further guidance on rate hike expectations.