Gold prices fell sharply during Tuesday’s trading session, just ahead of tonight’s interest rate announcement. This movement reflects the market’s cautious sentiment as investors prepare for key economic events.

From an overall trend perspective, gold is still moving within the upward wave structure from white A to white B, with an internal a-b-c formation. At the current stage, gold is declining from wave a toward wave b. The target of this wave b could potentially bring gold back toward the 4,500 USD/oz area.

On the other hand, if gold manages to break above the 4,701 USD/oz level, it would indicate that the corrective phase has ended earlier than expected. In that scenario, the bullish trend may resume and continue supporting the formation of the white B wave.

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