Yesterday, gold broke down from its high with heavy volume. The Asia-Europe session consolidated narrowly around the 4420 level with cautious trading sentiment. The US session was pressured by a stronger US dollar index and rising Treasury yields, causing gold prices to plunge rapidly from the 4445 high, successively breaking through the 4400 psychological level and short-term moving averages, reaching a low of 4311. A minor rebound at the close failed to recover losses, resulting in a medium bearish daily candle. Short-term bearish momentum has been significantly released, and the technical picture has entered a weak correction phase.

During this morning's early session, gold prices stabilized near the 4310-4320 zone as buying interest triggered, showing a weakly rebounding oscillation pattern. However, rebound strength remains limited, and the overall weakness persists. From a medium-term perspective, this pullback represents a deep correction within an uptrend, and the medium-term bullish framework remains intact. However, the short-term downtrend retains continuity and does not constitute a trend reversal. If today's close fails to hold above 4400, the weekly chart may print a solid long bearish candle, and gold prices could test support near 4200 next week; conversely, if the rebound breaks through 4450, it may help ease short-term selling pressure.

Key support levels are concentrated in the 4300-4320 zone, representing the convergence of the daily low and prior lows, serving as the critical defensive line for bulls. Secondary support is referenced around 4260-4280, near the lower rail of the downtrend channel. Short-term resistance is positioned at 4400-4420, representing the intersection of intraday rebound resistance and the bull-bear dividing line; strong resistance above is seen at 4450-4480, the critical level for reversing short-term weakness.

In terms of operations, the short term has turned bearish-dominated, primarily selling on rallies with caution against bottom-fishing. Position short orders in batches within the 4400-4420 range with stops above 4450. Initial targets look to 4320-4340, with further downside to 4300 if broken. If the rebound faces resistance at 4450-4480, light short positions may continue with quick entry and exit. If 4300 is broken, extend targets toward the 4260-4280 zone.
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