A rebound encountered resistance and pulled back! The 4650 life line remains solid, with the target looking down to 4620!

On Friday, gold surged to 4726 at the end of trading but faced resistance and fell back; today in the Asian session, it oscillated downward, touching a low of 4678 at a key support level before slightly rebounding, currently trading around 4689.
Overall, the pattern shows a "high-level pullback and oscillating consolidation" with a bearish bias, with increasing bullish and bearish divergence.
The 4650 level is an important short-term defense line for the bulls, and the 4700-4710 range forms a strong resistance zone.
Technical signals are beginning to show a bearish trend: the TRIX trend indicator has turned downward from a high level, the MACD fast and slow lines are forming a death cross above the zero line, and the red momentum bars are continuously shrinking, indicating that bullish momentum is significantly weakening, and the rebound space is limited.
On the 4-hour chart, the price has broken below the short-term upward channel's lower boundary; the RSI indicator has fallen from the overbought zone to around 50, and the KDJ is forming a death cross and diverging downward, indicating that the bearish force is gradually strengthening.
However, the buy orders at the 4650 support zone are strong, and there is a short-term technical rebound demand, but the overall downtrend has been preliminarily established.
Steady positioning: consider shorting in the 4700–4720 and 4740–4760 rebound zones, with targets at 4670–4650.
If the 4650 support is broken, the next target is further down to the key support level at 4620.