Looking at this wave of gold movement, it’s quite interesting. From the 1-hour chart, after breaking through resistance, the price formed a nice upward channel, with the 4459.33 level holding the bottom of this rally.

Then the market surged to 4634.66 and started to turn around, forming a bearish engulfing reversal pattern, indicating that the short-term bulls might be facing some pressure at this level, and a pullback is inevitable.

The key now is to determine the next move. From a support and resistance perspective, the 4546.99 level below is very important — it is both the upper boundary of the previous consolidation zone and corresponds to the 0.382 Fibonacci retracement level of this rally. The double support suggests this area will be relatively strong. On the upside, a breakout of the previous high at 4634.66 is necessary; once broken, there will be more room for upward movement.

**From a trading perspective:**

For those looking to go long, consider entering on a pullback to the 4548-4550 range, with a stop-loss below 4530. The initial target is the 4590-4600 zone. If this level is taken out, then 4630 could be within reach.

For shorting on a rebound, try a small position in the 4620-4630 range, with a stop-loss above 4650, and focus on the support zone around 4580-4570. The choice of direction still depends on confirming the current technical pattern.