The daily chart structure indicates that gold remains in a state of weak rebalancing.

From a technical perspective, following the pullback from the high of $4,382, the subsequent rebound peaked at $4,202, marking a clear pattern of lower highs. The current price sits below the Bollinger Bands' middle rail at $4,122; with the middle rail itself trending downward, this signals a continuing decline in the medium-term equilibrium price. The lower Bollinger Band lies at $3,932, while recent lows have appeared near $3,944 and $3,984, establishing the $3,950–$4,000 range as a zone of high price activity frequently tested by the market.

The $4,100–$4,125 range holds significant structural importance in the short term. This zone not only aligns with the Bollinger Bands' middle rail but also encompasses the levels where the bodies of multiple daily candles and previous rebound peaks were concentrated. Only by reclaiming a position above this equilibrium zone can the market structure shift from a one-sided downtrend to a more stable range-bound consolidation. Conversely, if the $4,000 psychological level fails to provide sustained support, the $3,930–$3,950 zone will once again become a critical area to watch for potential volatility expansion.