Mu Yao: Bull and bear fierce battle at 4750! Is gold poised to surge or is it at the end of its strength?

Early morning gold prices surged near $4685, reaching a high of $4749 before facing resistance and pulling back, currently consolidating weakly around $4745. The upper band of the Bollinger Bands at $4750 forms obvious resistance, with bullish momentum continuously waning, and the overall market shifting into a weak oscillation pattern.

On the news front, the evening initial jobless claims data and the Federal Reserve's dovish expectations continue to pressure gold prices. Technically, the key resistance zone is at $4750-$4770, while support levels are gradually moving lower. The overall structure is weakly oscillating, and the lack of rebound strength presents a short-selling opportunity.

In terms of trading, consider short positions if the price rebounds to the $4710-$4720 range, with initial targets near $4770-$4790. Be alert to potential sharp market fluctuations caused by evening data releases.