Guys, good morning! Gold this morning continues to surge strongly. The current price is around 4120. It has rebounded from the 3959 low all the way up by more than 150 points, with plenty of bullish momentum.

On the 1-hour timeframe, it’s a string of green candles pushing higher and breaking out. In the short term, bulls absolutely dominate, but after continuous rallying the indicators are already overbought, so a pullback and digestion can happen at any time. On the 4-hour timeframe, it has just tapped the key resistance zone from the prior decline; 4120-4130 is the first resistance to watch today. Above that, the heavy pressure is further in the 4160-4180 range.

For execution: it’s more prudent to wait for a pullback to 4090-4100 support, then buy again once it stabilizes. If it can’t break through 4135-4145, you can consider a small short position. If it reaches the strong pressure area around 4170, consider adding to the short. Overall it’s a bullish rebound—don’t easily try to call the top. Make sure you set your stop-loss properly. $XAU ‌