Gold continues to plummet, can it hold the 4000 level?

Currently, Trump-related developments combined with Middle East tensions are firmly dominating the gold trend. Market focus has shifted to inflation logic, and buying driven by geopolitical risks has noticeably weakened.

Although US airstrikes on Iran seem to be a fierce game of chess, neither side wants to escalate the situation, and Iran's retaliations are relatively restrained; essentially, both want to return to the negotiating table. The US intends to withdraw, and Iran also hopes to restore economic rebuilding, but due to stalemate positions, substantive breakthroughs in negotiations have been delayed. Although a consensus is likely to be reached eventually, whether gold, which has already retreated, can strengthen again remains to be seen.

On the chart, the daily line has closed with consecutive declines, with prices suppressed by short-term moving averages; the bearish pattern remains unchanged, so keep a close eye on the 4000 support level. The 4-hour chart shows a low-level oscillation and recovery; this rebound has basically run its course, and after consolidation, it still tends to weaken further. The hourly chart has bottomed out and temporarily stabilized, so a slight short-term rebound may occur. In terms of trading, you can initially focus on short positions around the 4115-4120 range.