Monday's sentiment framework can be summarized as: "risk aversion cooling + interest rate support". On the one hand, the "tail risk premium compression" brought about by diplomatic issues has pushed funds to risky assets, and the safe-haven elasticity of gold has been passively weakened; on the other hand, the high probability of an interest rate cut in September has not changed, and the "upper anchor" of the interest rate terminal is still there, suppressing the speed of gold's deep decline. The momentum indicators are resonantly bearish. The DIFF -9.43/DEA -7.15 of MACD are both below the zero axis and the opening is widening. The bar value of -4.56 indicates that the downward momentum is still being released, and there has not yet been a credible "bottom divergence" prototype; RSI (14) is near 33.48, in the weak range of 30-40, close to the "oversold edge" but not to the extreme.