Assuming 4501 as the starting point of a new round of gold’s upward move, then 4501-4765 is the first upward leg, and what starts at 4765 is a pullback targeting that leg.

A pullback that does not break below 4664 is a strong pullback; if it breaks below 4664, it may run a deep pullback. If it directly breaks below 4501, that suggests the pullback for the gold move from 4100 to 4890—after gold started rising from 4890—has not finished yet. After later finding the pullback’s endpoint, the price will still continue rising. (Taking 4100 as a phase low point for the previous stage, for…