Yesterday, gold rose first and then declined: The morning rally pulled up from the low to 4602, but bullish momentum was exhausted. The afternoon saw-toothed around the Bollinger Band mid-line, and the close dropped to around 4456 under emotional catalyst before stabilizing. Overall, it maintained weak oscillation.

From the chart perspective, the daily line is still in a weak rebound cycle after oversold conditions, with bearish moving average alignment, and the mid-term downtrend remains unchanged; the 4-hour consolidated around 4500 after bottoming at 4124.10, with limited rebound strength; the 1-hour shows narrow-range oscillation, with price falling below the moving average and bullish momentum weakening.

Comprehensively, our outlook remains: rally into short positions!

Gold short around 4580-4610 resistance, targeting 4480-4380 below, break then continue targeting 4300.
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