The 4-hour chart for gold shows a clear stair-step downtrend, with highs continually declining, lows steadily moving lower, and the short-term moving averages in a bearish alignment. The 4180 level is the key bull-bear dividing line—until the price stabilizes above this level, the 4-hour trend will remain weak, and any rebound should be regarded as a technical correction rather than a reversal. If it breaks below this level decisively, further downside will open up! Target: 4050!