Yichen: Cliff dive! Gold breaks through key support, the bears' feast begins!

From a news perspective, Federal Reserve Chair Powell's latest remarks reinforced the stance of "no rate cuts before inflation subsides," coupled with U.S. core inflation data exceeding expectations. Markets are reassessing the monetary tightening path, with U.S. Treasury yields and the dollar index strengthening in tandem, directly suppressing the valuation of non-yielding asset gold. Meanwhile, although Middle East geopolitical conflicts continue to develop, safe-haven funds have shifted from gold to high-yield U.S. Treasuries. SPDR Gold ETF has experienced consecutive days of net outflows, and institutional profit-taking at high levels has intensified selling pressure.

From a technical perspective, gold price has broken below the lower Bollinger Band, MACD green bars continue to expand, the four-hour bearish trend is clear, and the short-term range of $4,450–$4,470 will become a key support. If broken effectively, gold may further decline toward $4,300; if it stabilizes after falling, attention should be paid to resistance near $4,600.

Suggestions:
Sell in batches around $4,520–$4,550, with targets at $4,450 and $4,400; if broken below, watch for $4,300.

Disclaimer: The above analysis is for reference only and does not constitute investment advice. Operate at your own risk. $XAU