Note that a downward trend in gold prices has already emerged.GOLD (US$/OZ)TVC:GOLDTheodoreSilas news： Spot gold (XAU/USD) retreated from its record high of nearly $4,550 per ounce during Asian trading hours on Monday, as some profit-taking ahead of the holiday weighed on prices. Meanwhile, a short-term strengthening of the US dollar also exerted downward pressure on gold, making dollar-denominated gold more expensive for non-dollar buyers. The market generally believes that the downside potential for gold prices is relatively limited, mainly because expectations for further interest rate cuts by the Federal Reserve in 2026 remain. Lower interest rates will reduce the opportunity cost of holding gold, which is beneficial to the valuation of this non-interest-bearing asset. Technical aspects： From the daily chart perspective, although gold prices have fallen from historical highs, the overall upward trend has not been broken. The most immediate resistance level is currently at $4,550. If this level is broken with significant volume, gold prices could potentially test the $4,600 level. On the downside, the first support level to watch is $4,420. If this level is breached, prices could retreat to the $4,350 and $4,300 areas in succession. Strategy Signals： Buy ： 4475-4485, stop loss ：4495, target: 4420,4405