Gold performed quite strongly yesterday, dropping from the morning high of 4536 to the bottom and then rebounding sharply, pushing all the way up to 4690, and finally closing around 4670. On the daily chart, this is a classic large bullish candlestick. This move indicates that the bulls still have strength.

After the market opened today, gold continued to fluctuate at high levels, mainly consolidating around the 4670 level with narrow ranges, showing no signs of breaking downward. From the hourly chart, a rapid rise followed by a correction phase is normal, but this correction is not large, and the bulls still maintain relatively strong control.

Why has gold been so resilient recently? Mainly due to several supporting factors — the market has fully digested the Fed's expectation of rate cuts within the year, coupled with less-than-ideal US economic data, which provides a reason for safe-haven funds to flow into gold. Meanwhile, the Middle East geopolitical situation continues to cause disturbances; each escalation of conflict boosts risk aversion sentiment. Additionally, the US dollar index has recently been correcting, naturally increasing gold's attractiveness.

From a technical perspective, key support is in the 4630-4640 range; holding this area keeps the bulls in the game. Resistance above is at 4690, and a breakout above this level could lead to 4710. If a correction opportunity arises, the 4550-4560 zone is a potential entry point, with the target at 4690.

Of course, this is just an analysis based on the current trend; specific trading decisions should still be made according to your own risk tolerance.