1. Overall Trend

Current Stage: Gold prices are in a high-level oscillation and pullback phase. After reaching a new high (around 4773), bullish momentum weakened, and prices began to retrace. They are currently testing a key support level.

2. Key Level Analysis

Short-term support level: 4679 - 4690 area

The latest few candlesticks (especially the rightmost candlestick with a lower shadow) are testing this area. Although it temporarily broke below, there are signs of recovery.

If gold can hold above 4679, it may form a short-term double bottom or consolidation pattern here, triggering a rebound toward 4730.

Strong support level: around 4650

This is the starting point of a rally.

If the short-term support at 4679 fails, gold is likely to seek support at 4650. This is a very critical defensive position. If broken, it indicates that the upward trend starting from 4500 may reverse completely, and the market could return to a bearish trend.

3. Candlestick Pattern Interpretation

Recent Pattern: Near the high point of 4773 on the right side, a clear “Dark Cloud Cover” or “Engulfing” pattern (a large bearish candle engulfing a bullish candle) has appeared, which is a strong top signal.

Current Candlestick: The rightmost candlestick shows a lower shadow, indicating some buying support around 4679. The bears have not completely taken control, and the market is in a tense struggle between bulls and bears.

4. Trading Strategy Suggestions

Based on the above analysis, the current strategy should focus on range trading and key level defense.

Bullish (Long) Entry:

Entry points: Watch the current price (around 4701) or a pullback to 4690-4679.

Targets: First target at 4730, second target around 4754.

Bearish (Short) Entry:

Entry points: If the price rebounds to around 4754 and faces resistance, or if it effectively breaks below 4679 and confirms.

Conditions: Weak rebound, or a large bearish candle directly breaking through 4679.

Targets: First target at 4650; if broken, look for lower levels.

Summary

Currently, gold is in a critical correction phase after a rally. The bullish trend is damaged but not completely broken.

Short-term key level: 4679 — holding above this offers a rebound opportunity.

Mid-term lifeline: 4650 — this is the dividing line between bulls and bears. Holding above indicates sideways upward movement; breaking below suggests a trend reversal to bearish.

It is recommended to closely monitor the closing of the next few 1-hour candlesticks to confirm the validity of the 4679 support.