ATFX：金价高位急挫后陷入拉锯，方向选择正在逼近

Core Viewpoint - The gold market is experiencing significant fluctuations at high levels, with a notable drop of over 1.6% on Wednesday, reaching a low of $4420 before recovering some losses, indicating a structural adjustment rather than a panic sell-off [1]. Technical Analysis - Gold prices are currently in a converging pattern, facing resistance from a descending trendline formed by previous highs and support from an ascending trendline since the beginning of the year [3]. - The $4440 level is a critical battleground for bulls and bears, as it corresponds to a dense trading area and aligns with the ascending trendline. A confirmed break below this level could lead to a further test of the important support at $4338 [3]. - If prices can hold above $4440, it suggests that the current pullback is a technical digestion process, with potential for a rebound towards the upper boundary of the converging range, initially targeting resistance around $4480 [3]. Fundamental Analysis - The recent U.S. employment data indicates a cooling trend, supporting market expectations for continued Federal Reserve easing into 2026, which underpins the medium-term logic for gold [4]. - The temporary rebound of the U.S. dollar index and data volatility are creating short-term disturbances for gold prices, making it challenging to break through technical resistance without new catalysts [4]. - Geopolitical uncertainties are rising, with global risk premiums remaining high under Trump's assertive policy style, which continues to attract medium to long-term capital to gold's safe-haven attributes [4]. - Overall, gold is not in a trend reversal phase but is at a critical juncture of structural convergence and directional choice, with the $4440 level being a significant dividing line for short-term movements [4].