Yesterday, gold initially rose then declined: it surged from lows to 4602 in the early session, but bullish momentum exhausted there. In the afternoon, it oscillated around the middle of the Bollinger Bands, and by the close, it dipped to around 4456, stabilized there amid sentiment-driven catalysts, maintaining a generally weak and volatile pattern.

From a technical perspective, the daily chart remains in a weak rebound phase after being oversold, with a bearish moving average alignment, and the medium-term downtrend remains intact; the 4-hour chart, after bottoming at 4124.10, has been consolidating around 4500 with limited rebound strength; the 1-hour chart shows narrow-range oscillation, with prices falling below the moving averages and bullish momentum diminishing.

Overall, our outlook remains unchanged: sell on rebounds!

Short gold around 4580-4610 on rebounds, with targets at 4480-4380. If broken, continue shorting toward 4300.