#数字资产行情上升 Gold is trembling again. What's been going on these days?

On Thursday morning, spot gold was fluctuating around $4450/oz, and yesterday it dropped nearly 1%. What's the reason? Two things—first, it had risen sharply earlier, and many people took the opportunity to cut losses and run; second, US economic data didn't look as bad as expected, which eased risk sentiment, so safe-haven buying wasn't as urgent. It fell from 4500.

Now the market has different opinions: is this a continuation or a buildup for another rise?

My view is that it's a technical correction; the fundamentals haven't changed. This drop isn't a big problem—just short-term volatility, mainly due to profit-taking and selling pressure. The factors supporting gold are still there—US initial jobless claims, non-farm payroll reports. If these numbers turn ugly, gold is likely to rebound. Also, expectations of Fed rate cuts haven't disappeared, and in a low-interest environment, gold remains attractive.

What do the technicals say? A single bearish candle doesn't change much.

Gold prices rose quickly at the start of the week, reaching a new high of 4500 yesterday, then pulled back after a spike, closing with a bearish candle. But when it dropped to 4423 (where the 5-day and 7-day moving averages intersect), it stabilized, and by the close, it rebounded to around 4460. This kind of movement isn't a reversal; it looks more like the main players are shaking out retail investors. On the short-term chart, RSI is still above 50, and the price is in the middle-upper band of the Bollinger Bands—it's all about consolidation.

4478 is a key level—remember this:

**Hold above 4478**, and gold has a chance to test 4500 again. Breaking through could lead to 4530-4546.
**Fail to hold 4478**, and it could continue to decline. First support is at 4430; if that doesn't hold, then 4400 is the last line.

The trading logic is simple—

Bullish approach: buy in batches at 4420-4430, with a stop-loss at 4410, targeting 4500-4530.

Bearish approach: enter at 4480-4490, with a stop-loss at 4500, aiming for 4420-4400.

**Key levels list**

Support: 4435, 4420, 4400

Resistance: 4478, 4492, 4518

Basically, play between these levels—don't be too greedy, and rhythm is the most important.