Muyao: 4.23 Gold Afternoon: Surge and Pullback, Bulls and Bears Fierce Battle! 4830-4850 Becomes a Key Shorting Point, Target Directly at 4700

Intraday gold experiences a sharp rise and fall with wide-ranging consolidation, with the bulls pushing the price up to a daily high of 4753 in the early session. However, funds at high levels quickly exit, and upward momentum rapidly diminishes, turning the market into a choppy and weakening trend, with the lowest dip reaching around 4692. Currently, gold prices find support near the 4700 level and stabilize with a rebound, as the battle between bulls and bears intensifies.
In the market, due to repeated expectations of overseas policy rate cuts, officials' hawkish statements have driven the dollar and U.S. Treasury yields higher, directly suppressing the rebound space for gold. Meanwhile, risk aversion sentiment has cooled, and profit-taking at high levels has increased, which is the main reason for gold's surge and pullback.
From a short-term perspective, gold has broken below the short-term moving averages, and the Bollinger Bands have shifted from expansion to contraction. The 4750 level acts as a strong resistance above, while the 4690-4700 zone is a key support, and it is expected that the short-term will maintain a range-bound consolidation.
In terms of trading, consider short positions on dips to the 4740-4750 range, with targets around 4670-4680.