In the past two days, gold (XAU) has been dropping during the day and slightly rebounding at night. The rebound has been weak, with the price still suppressed below 4400 and the mid-to-long-term moving averages. This is a high-level turnover and wide-range triangle consolidation. As long as it doesn’t stabilize above 4385, it’s hard to see sustained upward movement. Buy points below are at 4300 and 4267; accumulate positions during pullbacks, but don’t chase during rallies. The weekly bullish structure remains intact, with 4245 as the stop-loss point. This level is the key defensive support and also the starting point of this round of upward movement.