Gold pulled back from its high of 4601, with the current price of 4535 facing a critical support test. The moving average system above shows clear resistance, and weak rebounds suggest bearish sentiment dominates. If the price can stabilize around the 4500 level, it could trigger a technical correction.

Operationally, it is recommended to focus on shorting on bounces. You can open short positions in the 4580-4600 range, with targets at 4500 and 4480 levels. If these levels break, watch for support near 4450.