Gold Market Trend Analysis: On May 13, gold maintained an overall pattern of fluctuating decline. In the evening, impacted by US CPI data, prices briefly fell below the 10-day moving average at 4640. Although there was a technical rebound and recovery in the latter part of the night, the daily chart ultimately closed in negative territory, highlighting a weak corrective posture on the chart.

From a daily chart structure perspective, gold prices temporarily held support after testing the 10-day moving average yesterday, with short-term moving averages still maintaining a cross-upward pattern. However, the daily negative close clearly reflects that gold's inherent upward momentum is severely insufficient. The market's movement is highly dependent on the correlation with the US Dollar Index, and future direction should still be closely judged based on the rhythm of the dollar index. Intraday, focus will be on the support battle around the 10-day and 20-day moving averages at 4685 and 4655, respectively. The market is likely to experience weak, volatile trading today, digesting the effectiveness of yesterday's bottom-probing rebound. If the moving average support holds, short-term range-bound fluctuations may continue; however, if the 10-day and 20-day moving averages are effectively broken, gold is expected to re-enter a pattern characterized by weak, volatile trading.

From an hourly chart perspective, gold prices rebounded after testing the short-term trendline overnight, recovering to near the hourly chart moving average band. Although the rebound was notable, it did not lead to an upward shift in the short-term structural center of gravity. The intraday market is entering a period of volatile digestion, likely fluctuating repeatedly around the 4700 mark. Immediate short-term resistance is seen at 4730, with core strong resistance still around 4760. If prices fall below 4700, the corrective rhythm is expected to extend further, with the next focus on the battle around the previous low range of 4640-4650.

For trading operations today, the focus should be on volatile correction, with an overall emphasis on a weak corrective approach. A short position can be initiated directly at the current price of 4700. If a rebound to around 4715 occurs, a light additional short position can be considered. Overall, use a manual stop-loss set above a firm close above 4730. Partial profit-taking can be considered upon a decline to the 4650-4660 range, with remaining positions continuing to bet on a break below 4640 to open up a new round of downward adjustment space.