XAU, based on the current market trend, there is still a risk of a second decline, as it has been fluctuating back and forth between 4600 and 4900 recently. Although the long-term trend remains optimistic, short-term corrections should not be ignored.

The resistance above this round of rebound is at the 4900 level, which has been repeatedly pressured and pulled back. For trading strategies, it is recommended to base positions around this level, entering in batches at 4850, and exiting if it breaks through 4900. Support levels are at 4750 and 4650.