Precious metals continued to weaken in the early session, failing to extend yesterday's rebound. After testing the 4484 level, a pullback occurred, followed by a break below the 4475 support line, with the lowest reaching 4452.93. Currently, prices are consolidating around 4463 within a narrow range.

The logic behind this decline is actually quite clear. On one hand, the 4484 level has accumulated a significant amount of profit-taking, and as funds take profits, selling pressure increases. After breaking below 4475, the confidence of late buyers was clearly undermined, and subsequent buying momentum weakened. On the other hand, the non-farm employment data has not yet been released, and the market remains in a wait-and-see mode, with institutions and retail investors reluctant to heavily commit early. Additionally, recent strong performance in the US stock market has increased risk appetite, with funds more inclined to chase growth opportunities, while traditional safe-haven demand has somewhat diminished.

From a technical perspective, before the non-farm data is released, precious metals are likely to test the 4440-4475 range repeatedly. For afternoon trading, consider moderately shorting within the 4465-4475 range, with a stop-loss above 4480 to allow some buffer. The initial target can be set at the 4435 support level; if it breaks again, continue to watch the 4400 level.

(These are solely my personal opinions for analysis and do not constitute any investment advice.)