$XAU Yesterday midday, gold rose from a low of 4460 to 4518 following a large bullish line. After reaching a new high, it continuously declined and oscillated in the 446 to 448 region at a low level. It has now fallen to around 4440.

The area between 4425 and 4430 is exactly where the previous bottom was, acting as a "hard base." After such a sharp decline, it’s only natural to give people a chance to catch their breath and recover some value, right? But if it really rebounds and reaches around 4470 to 4465, that will be a big wall on this wave of decline. Plus, the US dollar is still dominant, and the overall environment hasn't changed, so if it bounces to that level, it’s likely to fall again.

In summary, 4425-4430 is a support zone, and 4470-4465 is a resistance zone.