Dawn: Gold consolidates in a narrow range, building momentum for a trend reversal, with the 4500 level becoming the dividing line between bulls and bears

Overnight, gold prices remained weak and consolidating, oscillating downward during the Asian and European sessions, further testing the 4500 round number support during the US session. Although there was slight technical recovery at the close, overall it remains in the lower half of the Bollinger Bands channel, with bearish momentum temporarily easing, and buying interest below strengthening.
On the macro level, market speculation about the Federal Reserve's future policy path and fluctuations in the US dollar index are intertwined, while geopolitical risks increase safe-haven demand, providing some support to gold prices. Both bulls and bears are fiercely contesting key levels.
Technical charts show the Bollinger Bands narrowing continuously, with prices repeatedly tugging around the middle band. The initial resistance above is around 4527, and key support below is near 4508. As downward momentum gradually diminishes, there is a short-term need for technical correction, but the overall trend still awaits a confirmed breakout.
In terms of trading, if the price rebounds to the 4540-4560 range, consider a light short position; if the rebound is strong, consider shorting around 4570-4590; if the market weakens directly, follow short positions near 4525, targeting 4500 and lower support levels.
(The above content is for market analysis reference only and does not constitute any investment advice. Trading involves risks; please trade cautiously.)$XAU