Gold yesterday during the Asian session fluctuated between 4600-4625. Suddenly weakened during the European session, it directly broke below the 4580 support level, with the lowest touching 4536 before stabilizing. Currently, it has rebounded to around 4592, but the overall trend clearly favors the bears.

The logic behind this decline is quite straightforward—US economic data came in stronger than expected, prompting the market to reassess the Fed's rate cut expectations. The high-interest-rate cycle may last longer, and the US dollar index has also strengthened accordingly. Additionally, recent risk aversion sentiment has cooled down, weakening the traditional buying support for gold. On both sides, a sharp drop has become a natural outcome.

From a technical perspective, bears are in full control. The recent rebound was merely a technical correction, not something to worry about. Resistance is at the 4615-4620 range, while the real support lies at 4550-4530.

The midnight layout is as follows: continue to be bearish around 4615-4620, with the first target at 4575, and further down at 4550. Trading inherently involves ups and downs. Stick to the rules, and then wait quietly for the outcome.