the breakdown has been confirmedGold vs US DollarPEPPERSTONE:XAUUSDLiamJohnson📉 Technically, the breakdown has been confirmed, and the downtrend is clear: Gold prices have broken through four key psychological support levels—4800, 4700, 4600, and 4500—in succession. The daily and weekly moving averages are in a complete bearish alignment, clearly signaling a downward trend. The 4498 level was merely a temporary stabilization after the sharp drop, not a trend reversal. The strong resistance levels at 4600 and 4700 make a rebound unlikely and a pullback is highly probable. 💸 Fund outflows continue, and bullish sentiment has collapsed: Major global gold ETFs have continued to reduce their holdings, institutional funds are continuously withdrawing from the gold market, and while panic selling by retail investors has eased somewhat, it hasn't been completely cleared out. Market sentiment for buying has plummeted, lacking sustained buying support, making it difficult to drive a trend reversal in gold prices. In the short term, bears remain in control. 🛡️ The safe-haven appeal of gold has completely failed, and the last support is missing: The situation in the Middle East has not escalated further, market risk aversion has continued to cool down, and oil prices have fallen slightly. The dual support of gold as a safe haven and an inflation hedge has weakened, and previous safe-haven buying has gradually left the market, further exacerbating the bearish atmosphere。