Gold dropped 17% in 3 weeks

but currently shows no sign of stabilizing, with likely significant further downside potential.
Why?
1. US dollar strength
2. Rising US Treasury yields
3. Rate cut expectations shattered
4. Oil prices still rallying
Today's market is no longer about buying gold for safe-haven purposes, but rather using cash as a hedge—and the US dollar is the best safe-haven cash, with US Treasury yields now yielding an annualized 5%.
Gold has faced continuous pressure recently, with the core reason being a stronger US dollar and higher rate expectations.
From a technical perspective, key support levels to watch are around 4300 and 4200.
If the trend continues to weaken, further downside toward the 4000 area cannot be ruled out.
Therefore, at this stage it's not suitable to aggressively buy the dip. We still need to observe whether a stabilization signal will emerge in the near term.