Gold May Open Up Downward Adjustment SpaceGOLD (US$/OZ)TVC:GOLDWillie_ColetteThe current gold market is in a phase of both short-term pressure and medium-term support. In the short term, gold's price movement is clearly suppressed by two factors. First, escalating geopolitical tensions, while pushing up inflation expectations, have also disrupted market judgments on the Fed's interest rate cut path, increasing uncertainty in monetary policy and forcing the market to repric the interest rate path, thus weakening gold's upward momentum. Second, in an environment of rising risk aversion, funds have not flowed entirely into gold, but rather more into more liquid assets such as the US dollar, pushing the dollar stronger and directly suppressing gold. From a technical perspective, the current gold price is clearly constrained by the key resistance level of $4,900. This level has become a significant resistance zone for short-term bullish rebounds, and multiple tests have failed to break through effectively, indicating concentrated selling pressure above. On the downside, $4,600 is a key short-term defense line. Once this level is effectively broken, the market structure may shift from consolidation to a downward trend, at which point a further test of the $4,500 area cannot be ruled out. $4,500 will become a crucial dividing line between bullish and bearish sentiment in the next phase. A breach of this level would suggest a further expansion of the short-term pullback. Analysis Summary: Gold is currently in a critical phase of "short-term pressure, but medium-term support." $4,800 forms significant resistance, while $4,600 serves as a short-term defense line; a break below this level could lead to a move towards the $4,500 area. In the medium term, the effectiveness of the $4,700 trend support level needs to be closely monitored. GOLD GOLD XAUUSD XAUUSD