Early morning gold prices slightly surged to test resistance around 4650, then quickly faced selling pressure and fell back. The rally failed to continue, and the overall trend remains weak. The market movement fully confirms the earlier bearish outlook, with hourly upward momentum continuously weakening and no effective bullish breakout signals appearing. There is no condition for chasing the rally, and the short-term remains in a weak consolidation pattern.

On the news front, the dollar's weakness and the decline in U.S. Treasury yields did not generate sustained upward momentum. Coupled with market liquidity being insufficient during the holiday, the market lacks new safe-haven or bullish catalysts. Short-term volatility is limited, and the rebound strength is unlikely to persist. Overall, the market remains under pressure, with no external signals indicating a break from the sideways, weak pattern.
From a technical perspective, the early morning weak signal at the high of the hourly chart is further confirmed. The four-hour cycle gold price remains in a weak consolidation phase after a decline. The moving averages are still in a bearish alignment, and the resistance from the downward trend has not been broken. The rebound highs are gradually decreasing. The primary resistance remains at 4650, with stronger resistance in the 4680-4700 range. Short-term support is around 4600. If it breaks effectively, the next target is near 4580. The overall pressure pattern remains unchanged.
The midday outlook remains focused on selling into rebounds. Light positions can be taken when the rebound reaches the 4640-4650 resistance zone. The initial target below is 4610-4600. If support is broken effectively, look further toward 4580. #黄金#