Golden Week opening in the Asian market, precious metals continue to decline, with the plunge intensifying and market sentiment showing fragility.

The overall decline in precious metals confirms that no market can escape a correction cycle after mania; combined with high market positions and leverage ratios, the current selling pressure is gradually spreading to other markets.
Since Trump appointed Kevin W. Waugh as Federal Reserve Chairman, volatility in the metals market has remained high, with prices continuing to decline. Waugh's appointment directly disrupted market expectations of dollar depreciation, and the previously inflated gold and silver rally fueled by this expectation has been burst.
Gold currently needs to release short-term pressure, and it is expected to remain in a range-bound consolidation over the next week. Objectively, this sharp decline only brings gold prices back to last month's level; from a weekly perspective, gold still remains within the historical high zone.
In summary, even as gold prices fall back to around 4600, the bullish trend remains intact, with short-term targets around 4750.