Yesterday, gold in the Asian session surged higher before entering a high-level sideways consolidation. During the late Asian session and into the European session, the market continued to weaken. The core trigger for this round of decline was the sudden cancellation of the US-Iran talks originally scheduled for Thursday. Although both sides are actively coordinating and plan to restart negotiations over the weekend, short-term geopolitical expectations have suddenly shifted, risk aversion in the market has quickly cooled down, and a large amount of capital has flowed back into US dollar assets, directly exerting strong downward pressure on gold prices.

Currently, while geopolitical uncertainties still exist, there are no clear signs of escalation in the short term. Gold prices are mainly influenced by news and information, with no definite trend in either direction. The overall movement remains wide-ranging and oscillatory, with prices fluctuating up and down. Market volatility has increased, and trading rhythm is extremely difficult to grasp. Caution is advised to respond to sudden news developments.

From the daily chart perspective, the 5-day and 20-day moving averages are both turning downward, forming a dual short-term bearish pressure. The medium-term weak trend of gold remains unchanged. The KD indicator is in a neutral to bearish zone and has not yet shown oversold rebound signals. Even if a rebound occurs later, its strength will be significantly limited. Overall, the daily trend is oscillating and biased downward, with a high probability of resuming declines after encountering resistance during rebounds.

On the 4-hour chart, gold prices remain under pressure below the short-term moving averages. The rebound lacks sustainability, with the decline being much stronger than the rebound. All technical indicators are collectively weak, and no clear reversal pattern has appeared. The wave trend continues to be mainly oscillating and bearish, with bulls struggling to mount a strong counterattack.

The 1-hour chart shows a choppy tug-of-war situation, with rapid shifts between bullish and bearish forces. Prices fluctuate back and forth, making quick in-and-out trading and locking in profits advisable. Key resistance levels are clearly defined; stabilization at support levels may lead to slight rebounds, but overall, the bears remain dominant. Short-term trading should follow the rhythm closely and strictly control positions. Overall, the short-term trend is within a range, with a bias toward shorting high and buying low, favoring a bearish approach.

Upper resistance: 4480-4500, target: 4400

Lower support: 4400-4425, target: 4450-4480

Geopolitical news is highly unpredictable and can reverse suddenly at any time, potentially triggering sharp rises or falls in gold prices. Traders must operate with light positions, strictly set stop-losses, and avoid heavy bets.