Muyao: 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 is forming 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 hawkish expectations continue to pressure gold prices.
Technically, the key resistance zone is at $4750-$4770, with support levels gradually moving lower.
The overall structure is oscillating weakly, and the lack of rebound strength presents a short-selling opportunity.
In terms of operations, consider short positions if the price rebounds to the $4710-$4720 range, with the initial target around $4770-$4790.
Be cautious of sharp market fluctuations that may be triggered by evening data releases.