Gold has pulled back from its high of 4601, with the current price of 4535 facing a critical support test. The moving average system above shows clear pressure, and weak rebounds suggest bearish sentiment dominates. If it stabilizes at the 4500 level, it could see technical recovery.

Operationally, it is recommended to focus on shorting on rebounds. You can set up short positions in the 4580-4600 range, targeting 4500 and 4480 levels. If these levels break, look further down toward 4450.