This early morning, gold performed quite dramatically — first plunging rapidly to 4599.46, dropping in just 5 minutes, then immediately reversing sharply to 4642.85, completing a textbook-style V-shaped reversal. So far, it has stabilized around 4625.96, up by 39.41 USD from earlier, approximately a 0.86% increase. After the reversal, the price pulled back slightly and is now oscillating within a narrow range.

From a technical perspective, the situation is a bit delicate. The 5-day and 10-day moving averages are both trending upward, indicating bullish momentum, but the 20-day moving average is stuck at 4627.53, just above the current price, creating resistance and causing a tug-of-war between bulls and bears. The price is sandwiched between several moving averages, making the short-term direction unclear.

The Bollinger Bands provide more specific signals — upper band at 4637.20, middle band at 4627.53, and lower band at 4617.87. The price has fallen back from the high to near the middle band, and the bands are gradually narrowing, indicating decreasing volatility. In the short term, the price is likely to fluctuate within the 4618 to 4637 corridor.

From a volume perspective, it’s also quite interesting. During the rebound phase, trading volume clearly increased, but during the pullback, volume shrank immediately. This suggests that the bulls’ confidence hasn't fully dissipated. The 4618 to 4620 zone has become a key support level; whether it holds will directly determine the subsequent trend.

**Trading Strategy**: Bulls can wait for the price to pull back to the 4610-4620 range and stabilize before entering with a light position, setting a stop-loss below 4615. The initial target is around 4630-4637. Bears should watch whether the resistance zone at 4635-4645 can effectively cap the rally. If the price cannot break through, they can take a small short position, with a stop-loss above 4650, aiming for a retracement back to 4625-4610.