Early Monday this week, the market gapped down at the open. Previously, the 4120 level faced repeated resistance, offering great short-selling profit opportunities. Geopolitical news weighs on gold prices: Iran blocks the Strait of Hormuz, and military strikes are exchanged between the U.S. and Iran after their ceasefire agreement broke down. Geopolitical tensions have boosted safe-haven buying in crude oil, diverting funds and putting pressure on gold, causing it to decline. Highs and lows are gradually shifting downward, bullish rebounds have failed, and the downtrend continues. Key resistance zone: 4123-4140. As long as the market doesn’t break through this zone effectively, the downtrend structure remains intact. The current brief sideways movement after the drop is merely a consolidation phase within the downtrend, and there’s still downward momentum after this pause. Target support levels below: First target at 4046, followed by 4027. As long as the price cannot break above the 4120 resistance, the bearish outlook remains unchanged. A slow decline is still a decline, and after consolidating sideways, there’s a high probability of testing lower levels again.