Guys, good morning! Right now gold is hovering around $4,025, and overall it’s in a consolidation pullback phase at the highs after a big jump earlier.

From a technical perspective, on both the 4-hour and 1-hour charts, price is being held between the Bollinger Band middle and lower bands, which suggests the short-term trend is weak and there is heavier selling pressure overhead.

On the bigger picture, gold just pulled back from a historical high and is still looking for bottom support. It’s hard to see a big rally or a sharp drop right now; most likely it will keep swinging around in this broad range box.

Also, recent delays in expectations for Fed rate cuts have kept the US dollar relatively strong, which has added some pressure on gold.

In terms of strategy: short the rebound at 4,030–4,040, set the stop loss above 4,050, and target the 4,010–4,000 levels.
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