Yesterday, spot gold experienced a sharp decline. It dropped directly from 4549 on the morning of the 29th, with one bearish candle after another on the hourly chart. By evening, the downward momentum intensified, with the lowest point reaching 4303. In just one day, it fell over 240 points, breaking through all previously established support levels. This time, the bears truly took control.

This morning, gold fluctuated at a low level and is now steady around 4339. From the news perspective, US Q4 economic data came in unexpectedly strong, directly dispelling the market's hopes for the Federal Reserve to continue cutting interest rates, leading to a strengthening of the US dollar. Global risk appetite is also recovering, and risk-averse funds are accelerating their exit from gold. This is a coordinated double-edged approach, keeping gold prices under heavy pressure.

Looking at the early trading session, gold's rebound is weak and feeble. It cannot break through the key level around 4370, and sideways consolidation is just wasting time. The bears still hold the dominant position; the rebound is merely a technical correction, and the possibility of further decline remains high.

In terms of trading strategy, consider shorting within the 4350 to 4360 range. If a rebound occurs near 4370, you can moderately add to your position. Place stop-loss orders above 4380. The first target is 4330, and the second target is further down at 4320.

Risk reminder: This analysis is for reference only and does not constitute investment advice. Gold investment carries significant risks. All trading decisions are made by investors themselves, and profits or losses are their own responsibility.