Gold prices retreated from their highs, hovering around the $450Gold / U.S. DollarFOREXCOM:XAUUSDXau_AnnikaGold prices retreated from their highs, hovering around the $4500 mark! Here's how to trade today: On Tuesday, the international spot gold market generally showed a trend of "unable to sustain gains and then declining in a volatile manner." During the Asian session, gold prices briefly tested the $4580 level, but the bullish momentum clearly weakened, and prices subsequently trended downwards. As of now, gold is trading around $4521, closing slightly lower on the daily chart. Frankly, this pullback is not unexpected—market sentiment has been subtly shifting. On the news front, negative factors are accumulating: Firstly, there are signs of easing tensions in geopolitical relations. The US-Iran negotiations have made phased progress, and the extension of the ceasefire has been implemented, significantly cooling market risk aversion and directly weakening gold's upward momentum. Secondly, recent statements from Federal Reserve officials have been hawkish, and coupled with resilient US inflation data, market expectations for interest rate cuts have been repeatedly postponed. High US Treasury yields continue to increase the cost of holding gold, which has become the main negative factor currently suppressing gold prices. Daily Chart: Bullish Momentum Weakening, But Sharp Decline Unlikely From a daily chart perspective, gold remains in a high-level, wide-range consolidation pattern, with intense competition between bulls and bears, neither side truly in control. Moving Average System: The short-term 5-day moving average has turned downwards, and the 10-day moving average continues to provide resistance. Gold prices are trading below both short-term moving averages, indicating that bullish momentum at the daily level is indeed weakening. MACD Indicator: The red bars are shrinking, and the fast and slow lines are converging, suggesting that upward momentum is slowing, but a valid bearish breakout signal has not yet formed. Medium- to Long-Term Support: Medium- to long-term moving averages remain upward, coupled with the underlying logic of continued gold purchases by global central banks, limiting the potential for a significant downside for gold prices. Conclusion: The daily chart shows an overall "consolidation with a slight downward bias" pattern. The core resistance zone remains at $4580-$4600. Failure to break through this level will likely lead to further downward movement. 4-Hour Chart: Pullback in Progress, Focus on Key Support Levels On the 4-hour chart, gold prices previously oscillated upwards within an ascending channel, but multiple tests of higher resistance levels failed to break through effectively, gradually leading to a phase of pullback. Currently, gold prices have fallen back to near the Bollinger Band's middle line, with short-term moving averages forming a death cross, providing resistance. The KDJ indicator has also formed a death cross and is running at low levels, suggesting further downside potential. Key Support Zone: $4500-$4490. This level is the previous consolidation zone and a crucial defensive position for the bulls; it must be closely monitored today. A break below this level could significantly increase technical selling pressure. 1-Hour Short-Term Chart: Head and Shoulders Bottom Formation Still Emerging, but Upward Movement Difficult On the hourly chart, repeated tests of the $4580 resistance level have all ended in pullbacks, indicating a current lack of technical bullish momentum. While the initial head and shoulders bottom pattern still exists, frankly, the possibility of an upward breakout is very low. Unless a clear bullish fundamental development emerges, forcing a breakout, gold's short-term technical structure is likely to continue its downward trend with fluctuations over time. Our strategy for tonight is clear: continue to expect a weak, range-bound movement. The first support level to watch is the 4500 mark. I personally expect it to break down, but be prepared for a potential technical rebound at this level; don't chase the rally. The upside resistance level is around 4540-4550, near the hourly moving average. If the price fails to break above this range tonight, a break below 4500 is likely only a matter of time. Tonight's trading strategy: Primarily short positions, avoid chasing the rally. Specific entry points are as follows: Short at 4530 with a small position size. If the price rebounds further to 4550, add to the position. Set a stop-loss above 4560. As long as this level is not broken, the downtrend remains intact. Downside target: Initially, the 4500 level. If the price breaks below and stabilizes, it could continue its decline to the 4480, or even 4450 area. The market never favors those who hesitate. Currently, gold is facing accumulating negative factors and weakening technicals; blindly going long will only lead to being passively attacked. Following the trend is the key to survival. If you found this analysis helpful, please like and share it, and feel free to share your thoughts in the comments! If you want more real-time strategies, one-on-one guidance, or to follow my swing trading and trend-following strategies, please follow my page and leave a message. The market is risky, but it's never short of opportunities—the key is whether you have a professional perspective and strict execution. Like and follow, let's seize every wave of gold's future movements together!