Is the person who charged $4000 to buy the bottom gold okay now? Where is the bottom of gold? The gold price has not only fallen below 4000, but is also experiencing downward friction. What about buying gold in chaotic times? Don't blame gold, it has become a macro script. Now Gold is being beaten twice: The first one is that the expectation of interest rate hikes has forced a strong US dollar. The situation in the Middle East has pushed up oil prices, and the shadow of inflation persists. The knife of a December interest rate hike hangs over our heads, and as the US dollar strengthens, gold prices naturally struggle to catch their breath. Secondly, the United States and Japan will work together to drain liquidity. The Japanese yen raises interest rates, the Federal Reserve shrinks its balance sheet, and the global water pool dries up. The yield of US Treasury bonds is biting above 5%, and holding non interest bearing gold is losing opportunity costs every day. So, guessing where to buy the bottom now is meaningless. In the short term, after losing 4000, the next level of support is at 3970, and breaking through again will result in 3920 or even 3600. Nanhua Futures said that the market has already included the expectation of three or more interest rate hikes next year, and the downward space is limited. But I believe that if the yield on US Treasury bonds remains above 5% and gold continues to fluctuate and hit the bottom, it is entirely possible. From a mid-term perspective, the truly noteworthy milestone is December 10th. If the FOMC is implemented and the interest rate hike is realized, and the Federal Reserve releases a "pause" signal, gold may usher in the first window of repair. But please note: the implementation of interest rate hikes does not mean that the buying point has been reached. If the 10-year US Treasury yield remains above 5% after December 10th, it indicates that the real interest rate has not loosened at all. At most, gold will stop falling, not bottom out. The real buying point is the moment when the US Treasury yield reaches a turning point and falls. Waiting for the knife to fall on December 10th, waiting for the effective drop of US bond yields below 5% and no longer looking back, and then entering the market to buy at the bottom, is safer. Before that, rushing in, it's not about digging the bottom, it's about picking up flying knives. Your bullets should be left until the real sound of gunfire.