Jiang Xiqing: The Gold Boom Has Faded, Safe-Haven Logic Will Once Again Dominate the Market

The recent surge in gold prices this year can basically be considered over. This does not mean that gold prices will fall into a slump forever, but rather that the kind of one-sided, large-scale rally seen last year is unlikely to be repeated. The upcoming precious metals market will gradually return to rationality, with safe-haven sentiment expected to once again become the main driving factor in trading—this is a healthier and more sustainable pattern for most participants.

From a technical perspective, the daily chart shows that gold prices still face significant downward pressure. The key resistance zone above continues to suppress buying interest, and multiple attempts by bulls to rebound have failed to break through effectively, further reinforcing the current downward trend structure.

As for when a true rebound might occur, I believe the timing window may be after the World Cup ends. Until then, as long as the bears maintain control below the resistance levels, gold prices will struggle to break free from the weak trend and are likely to continue fluctuating downward.

Focus on two key support levels below: 3850, followed by around 3680. If sellers continue to exert pressure, these levels will be critical supports to watch in the $BTC coming period.