Gold did not continue its rally in the early trading session yesterday. After encountering resistance at 4484, the price quickly broke through the 4475 support/resistance line, dropping to a low of 4452.93, and is now fluctuating around 4463. Capital sentiment is clearly cautious, making large buy or sell orders difficult to execute.

The logic behind this decline is quite clear: firstly, profit-taking at the 4484 level is surging, and losing the 4475 level directly undermines bullish confidence; secondly, the non-farm payroll report has not been released yet, and institutions are watching, unwilling to take sides prematurely; additionally, the US stock market performed strongly today, risk sentiment is rising, and the appeal of safe-haven funds has naturally decreased.

From a technical perspective, before the non-farm payroll data is released, gold prices are likely to be trapped within the 4440 to 4475 range. If trading continues this afternoon, it is safer to short around 4475-4465, with a stop-loss set above 4480. The first target is 4435, and if the support breaks, look further down to 4400. The key point is, do not skimp on stop-losses.

(This is only market analysis and observation, and does not constitute any investment advice)