1. Market background: Driven by weekend news, the US dollar and crude oil opened higher, causing gold to open lower with a gap. Throughout the day, it showed a pressured-down pattern; after breaking below the 4070 support, it dropped to around 4040. In the European session, it rebounded to about 4080, then fell again to around 4048.

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2. Trend outlook: The current structure indicates gold is still in a downtrend, and tonight is likely to continue moving lower.
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3. Key levels:
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- Pivot point: 4080. If it breaks below this level, the downtrend will continue. If it breaks above, the market will shift to a range-bound structure, or rebound to around 4100 to fill the gap, but it will be difficult for a reversal to form by breaking 4120 (because CPI data is scheduled for the next day, and before major data releases, price action typically shows weaker fluctuations).
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- Support below: 4020 (prior swing low). If this level is broken, the downside will expand, or price may dip into the 3980-3960 range.
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4. Final conclusion: Tonight, gold’s overall direction is mainly bearish. 4080 is the key observation level. In terms of trading, focus on whether price breaks through that level, while also staying alert to volatility caused by CPI data.

Risk warning: This content reflects personal views and does not constitute any trading advice.
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