Sharp surge followed by high-level consolidation! The 4700 vital support remains firm, aiming for 4780!

On Friday, gold surged to 4773.58 before encountering resistance and pulling back; today during Asian trading, it oscillated downward, touching a low of 4648 at a key support level before rebounding, currently trading around 4724. Overall, it shows a strong pattern of “rising sharply, pulling back, then bottoming out and rising again,” with increasing bullish and bearish divergence. The 4700 level is the short-term core support line for the bulls, and the 4680-4700 range forms a dual support system, with the bullish foundation remaining unshaken.

Bullish signals dominate the technical outlook: the TRIX trend indicator maintains a golden cross upward, the daily chart price continues to stay above the EMA50 and 100-day moving averages, and the medium- to long-term upward channel remains solid. On the 4-hour chart, the MACD fast and slow lines briefly converge above the zero line and show signs of a golden cross again; the green momentum bars gradually shrink, bearish momentum rapidly diminishes, and there is a strong rebound and correction demand. The RSI indicator has fallen from the overbought zone to around 58, signaling a short-term pause and preparing energy for the next upward push. The middle band of the Bollinger Bands at around 4700 forms a strong support, with the price oscillating upward based on this middle band, and the channel opening continues to move upward, indicating the bullish trend has room to continue.

Steady positioning: buy on dips to the 4695–4715 and 4645–4665 zones, targeting 4750–4780; once above 4780, add positions accordingly, aiming for the 4800 integer level and the previous high around 4820.