Gold XAU's current phase high is basically confirmed at 4700, with a high probability of reaching the phase peak by the end of August. After consecutive daily gains, the first decent bearish candle has appeared, combined with a previous high-level doji, signaling entry into a consolidation phase at the high level. Market characteristics: Highs are gradually moving lower (4700 → 4645), lows are testing 4567, overall showing a weak consolidation pattern. Key resistance: 4645 (the critical pivot point between bulls and bears; a valid breakout above this level would return to bullish momentum, potentially challenging the 4700 area again). Currently in a downtrend channel, prioritize short positions near the rebound zone of 4620~4645. Key support to watch: 4570. If 4570 is breached again and continues downward, further downside could target the 4470 area.