Gold has recently shown a pattern of initial decline, followed by a rebound, and then consolidation on the 1-hour chart. During the Asian session, the price found support around 4570 and rebounded; in the European and early US sessions, it surged to a high of 4642, then oscillated around 4625 at higher levels, forming a generally strong pattern of bottoming out and rising.

From a macro perspective, Federal Reserve officials continue to signal that the rate hike cycle is not fully over and that the pace of rate cuts has slowed, which causes a tug-of-war effect on the US dollar index; meanwhile, the Middle East geopolitical situation has yet to show signs of easing, maintaining market risk aversion sentiment and providing ongoing support for gold prices. Recent data releases such as US initial jobless claims and manufacturing PMI preliminary figures have underperformed expectations, which in the short term has also boosted buying sentiment.

Several key technical signals are worth noting. Gold faced resistance at 4642 and pulled back, currently in a high-level oscillation and consolidation phase. The Bollinger Bands have flattened, with prices trading above the middle band. Although the moving averages remain in a bullish alignment, there are signs of a potential turn. The MACD shows a clear reduction in the red histogram, and the KDJ indicator has formed a death cross at high levels, all suggesting a short-term correction may be needed.

Based on the current pattern, a high-altitude trading strategy finds technical support. Consider entering positions when the price rebounds to around 4635-4645, with key target levels at 4600 and 4580.

Risk Reminder: This article is for market analysis ideas only and does not constitute investment advice. Trading involves risks; operate with caution.