Although the recent sharp decline in gold is attributed to geopolitical rumors, it is actually a manipulation of long and short positions through news. The key to identifying the top is: after a true peak, a sharp drop is unlikely to be immediately followed by a strong rebound; instead, the weakness may continue the next day. If there is a V-shaped recovery after a plunge, then the top has not yet formed. Yesterday's volatility mainly cleaned out chasing longs, with limited impact on medium- and long-term holdings, while also triggering large-scale liquidations in the cryptocurrency market, highlighting the current market's high sensitivity and high volatility.

In the future, after the massive shakeout, the battle between bulls and bears will intensify, and the bullish momentum has not completely faded. Focus on two key levels: resistance at the early session high of 5450, a breakout could lead to another rally; the core support is at 5100, which will determine whether the upward trend since New Year's Day ends. If it holds, there is still room for gains; if broken, the market will enter a correction cycle.

Specific trading ideas:

If there are signs of resistance when rebounding to the 5280-5310 zone, consider a light short position with a stop loss above 5360, targeting 5150-5100;

If support is found at the 5130-5150 zone, consider a light long position with a stop loss at 5100, targeting 5250-5300.

The current market has entered a high-volatility cleansing phase, requiring flexible trading: strictly control positions, conservative traders may choose not to participate for now, and short-term traders should trade quickly and take profits when appropriate; medium- and long-term investors should patiently wait for the market to fully adjust before deploying, as this correction also presents a good opportunity for physical gold to enter a medium- to long-term position. Remember, in a high-volatility environment, strict position management and stop-loss discipline are essential for survival and profit in trading.