[Analysis: Gold Price Falls Below the $4,500 Mark, Institutions Offer Cautious Advice on 'Bottom-Fishing Gold'] According to Yicai, institutions have generally offered cautious advice to investors eager to 'bottom-fish.' 'Technical analysis indicates that gold prices have clearly broken below the 60-day moving average, a key support level, suggesting that further downside potential may be unlocked.' The aforementioned trader advised that, given the ongoing bearish factors such as the Federal Reserve's monetary policy and the U.S. dollar's trajectory, the short-term downward trend has not yet ended. Ordinary investors should avoid blindly catching falling knives during a downtrend. It is better to wait for gold prices to stabilize and form a bottom in the $4,400–$4,600 per ounce range before gradually building long-term positions. In addition, according to analysis by China Asset Management (Hua Xia Fund), gold, regarded as a safe-haven asset, has been on a continuous decline since March. This is because gold's safe-haven appeal is tied to scenarios like a collapse in U.S. dollar credibility and runaway inflation, rather than risks like liquidity shortages and deflation. Currently, the market is concerned about marginal deterioration in liquidity, while the impact of geopolitical conflicts has significantly weakened. The institution believes that the impact of tight monetary policy on gold is more temporary, and the long-term drivers such as geopolitical conflicts and central bank gold purchases remain intact and have not reversed. Gold's medium- to long-term upward momentum persists, but in the short term, it is still necessary to wait for risks to be released. Luo Zhiheng, Chief Economist at Yuekai Securities, pointed out that the current sharp decline in gold prices is not a signal of the end of the bull market but rather a deep correction during an upward trend. In the long term, the normalization of global geopolitical risks, strong gold-buying demand from non-U.S. central banks, and the potential shift in the global economy from 'inflation' to 'stagflation' risks will all provide solid support for gold prices.