Core Viewpoint - The market is experiencing a significant downward adjustment, with the potential for further declines as key support levels are breached [3][4]. Market Analysis - The international market has fallen below 4000, while the domestic market is struggling around 900, indicating a precarious situation for investors [3]. - The recent decline in gold prices is characterized by a strong downward movement, breaking through the middle band of the Bollinger Bands, suggesting that the adjustment phase is ongoing and intense [3]. - The market has shown a pattern of "slow rise, fast fall," with a lack of support in the lower price ranges, making it vulnerable to rapid declines [3]. Technical Indicators - Fibonacci retracement levels indicate that the first retracement line is at 4128, which has proven to be a critical resistance level [3]. - The 50% retracement level is identified at 3846, suggesting that further declines could lead to significant price drops [4]. - The current downward trend is described as a "headless" decline, contrasting with the previous upward trend, indicating a shift in market sentiment [6]. Support and Resistance Levels - Key support levels to monitor include 3930 to 3910; if these levels are breached, a rapid decline to around 3870 is anticipated [6]. - The potential for a return to 3900 points is noted, with further declines possibly reaching 3782 if the downward trend continues [6]. ETF Holdings - There is a noted reduction in holdings of silver and gold ETFs, suggesting that institutional investors are also adjusting their positions in response to market conditions [6].