From the current candlestick chart, the gold bulls' counterattack has failed, and bearish forces continue to dominate the market. The 4310 low below is a key support level.

The current trend aligns with the inertial decline following the "M-head breakdown," with clear characteristics of contracting rebounds and expanding sell-offs. The moving average system shows a bearish alignment, with gold price trading below the moving averages, and rebound highs gradually declining.

For gold, it is suggested to consider adding short positions on rebounds to the 4500-4530 range, with targets at 4450 and below 4400.