XAU gold pierced through 4252 last night, dropping to a low of 4235. While this doesn’t change the overall trend, it does have some impact on the smaller-scale structure. As shown in the chart, the decline from 4697 in gold is temporarily viewed as a pullback against the 3942-4697 rally. Under this path, there are two possible scenarios for the subsequent movement: Red: The drop from 4697 to 4235 is the entirety of the pullback. In this case, the movement starting from 4235 is an upswing of the same level as the 3952-4697 rally, which will break the previous high. Blue: The decline starting from 4697 is a complex corrective structure. Under this path, the movement starting from 4235 is a rebound against the 4697-4235 drop. After the rebound ends, the adjustment will continue. Once this complex correction is completed, there’s still hope for a new high above 4697. However, this path will be more drawn out, and the longer the process drags, the greater the uncertainty for the subsequent movement. 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 a monthly-level adjustment, this is nothing short of a miracle. Any slightly professional trader knows that the movements of an asset in a large-scale adjustment phase are the most complex, volatile, and difficult to grasp—but we’ve done it. Even on the most complex and boring days in the market, I’ve never stopped tracking gold’s movements. On one hand, it’s to maintain my sensitivity to market changes. On the other hand, it’s to provide some reference for friends who follow gold’s trends. Your support means a lot to me, so don’t forget to like and follow .