I. Core Background

1. Long-term trend: The macro environment in the second half of the year is bearish for gold prices. The long-term trend remains downward, and any rebound is merely for a better decline.

2. Recent price review:

- On Wednesday, prices fell from 4135, broke below 4090 during the European session, and accelerated to 4040.
- After yesterday's rebound, prices reached 4020 again, then bounced to around 4095.

II. Key Price Levels

- Support: 4020, 3960
- Resistance: 4095, 4135, 4180

III. Trading Logic & Suggestions

1. Key watershed: 4095 is the critical level today.
- If the price breaks above 4095 in the afternoon and closes above it, today's session will be seen as a rebound, and the decline will pause temporarily, with targets at 4135 and 4180.
- If 4095 is not broken, the market remains relatively weak, and focus should be on support at 4020.

2. Extreme scenario below 4020: If 4020 breaks again, gold prices will head below 4000, targeting 3960.

3. Reminder: When the trend does not follow through, adjust your strategy promptly to avoid stubbornness.

IV. Risk Disclaimer
This content represents only personal views and does not constitute any trading advice. Financial management involves risk; invest with caution.