The golden afternoon continues to adjust, currently trading around $4286 per ounce, with an intraday decline of about 0.5%. At one point, it fell below the key level of $4300, mainly influenced by short-term profit-taking and some long positions being closed. The market's expectation of easing tensions in Ukraine has also somewhat weakened the demand for safe-haven assets, putting short-term pressure on gold prices.

Although gold prices have weakened in the short term, further downside may be limited. Last week, the Federal Reserve completed its third interest rate cut of the year and hinted at the possibility of further cuts in 2026, with a sustained low-interest-rate environment providing medium- to long-term cost support for gold. However, if geopolitical tensions continue to ease, the cooling of safe-haven sentiment may continue to suppress the upside potential of gold prices.

Technically, after a spike and subsequent pullback yesterday, gold prices have fallen below the support near $4313. The rebound from the $4300 level has not been able to stabilize above $4304 and has since retreated again, showing a weak short-term trend. The current recovery from around $4280 lacks accompanying trading volume, and the sustainability of the rebound remains to be seen.

From the 4-hour chart, the MA20 moving average (currently around $4292) has turned from support to resistance, the MACD indicator has shown a downward turning signal above the zero line, entering an adjustment phase; the RSI has also fallen below the neutral line, entering a weak zone. Overall, the probability of gold prices oscillating downwards during the day is relatively high, and if it further weakens, key support to watch is around $4250.

In terms of operations, consider placing long positions in the 4266–4275 range, with a stop loss set at $4250 and a target towards the $4300–$4330 range.