The trend for gold remains in a downward state. Walsh firmly insists on the 2% PCE inflation target, and there’s a 60% chance of a rate hike predicted for the September Fed meeting. Support: Psychological level near 4400, with further focus on 4370 and 4300–4320. Resistance: 4500, 4600–4650 USD, and further up near 4700 USD. Key catalysts will be the inflation/employment data following the September FOMC meeting. If inflation remains stubborn or the Fed turns more hawkish, gold prices may continue to face pressure and fluctuate. If the data weakens or expectations of a policy shift toward easing heat up, prices could rebound. In the short term, as long as it doesn’t break above 4480, the bearish outlook remains. Support is at 4260. The previous position has already been closed with profit—waiting for the right opportunity to short again.