Intradaily Asian-session gold and silver lead the drop. In the near term, precious metals overall have continued to weaken, with the selling pressure steadily increasing, and the market is gradually tilting toward a bearish trend.

In terms of fundamentals, the negotiations between the US and Iran have produced no results, the risk of large-scale conflict remains relatively low, and market risk-aversion sentiment has cooled. Combined with oil prices staying at high levels, global central banks overall maintain hawkish monetary policies, with no sign of easing expectations. Some central banks still have the possibility of raising interest rates, and the overall environment remains persistently bearish for gold.

Technically, the daily chart is oscillating and leaning weak, and the 4-hour timeframe clearly shows a bearish-leaning sideways range; the short-selling structure is clear.
For trading, conservative investors mainly choose to stay on the sidelines, while aggressive traders take shorts in line with the trend. Gold short orders are for reference to enter at 4630-4640, place a stop loss at 4670, and look for targets below 4510.
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