XAU gold pierced through 4252 last night, dropping to a low of 4223.4. While this doesn’t change its overall trend, it does have some impact on the smaller-scale structure. As shown in the chart, the decline from 4697 is temporarily viewed as a pullback against the rise from 3942 to 4697. Under this path, there are two possible subsequent scenarios: Red: The drop from 4697 to 4223 is the entirety of the pullback. In this case, the rise starting from 4223 would be on the same scale as the rise from 3952 to 4697, and it would break the previous high. Blue: The decline starting from 4697 is a complex corrective structure. Under this path, the rise from 4223 would be a rebound against the drop from 4697 to 4223. After the rebound ends, the adjustment would continue. Once this complex correction is completed, there’s still hope for a new high above 4697. However, this path would be slower-paced, and the longer it drags on, the greater the uncertainty in the subsequent moves. The nearest observation point above us is 4412. The sooner 4412 is broken, the higher the likelihood of following the red path. As shown in Chart 2 and Chart 3, since March this year, we’ve almost captured every turning point in gold’s movements. For an asset undergoing monthly-level adjustments, this is nothing short of a miracle. Any slightly professional trader knows that the movements of assets in large-scale adjustments are the most complex, volatile, and hardest to grasp—but we’ve managed to do it. Even on the most complicated and boring days in the market, I’ve never given up tracking gold’s movements. On one hand, it helps me maintain sensitivity to changes in the market, and on the other hand, it provides some reference for friends who follow gold’s trends. Your support means a lot to me, so don’t forget to like and follow .