Last night, gold surged to around 4690 before starting to pull back, ultimately consolidating and oscillating around 4670. From the overall perspective, the 4650-4690 range is currently the core battleground between bulls and bears. Resistance at the 4700 level remains quite evident, while support at 4600 is still relatively solid.

From a news perspective, geopolitical risks and the continuous gold purchases by various central banks continue to support the gold price. However, as the price approaches the 4700 mark, profit-taking pressure is also noticeably increasing. The release of US retail sales data tonight is worth paying attention to. If the data shows weakness, it is highly likely to further reinforce market expectations of interest rate cuts, which would give additional momentum to the gold market.

On the technical side, the daily chart indicates that the overall trend remains bullish, but several indicators are approaching overbought territory, suggesting a short-term pullback may be needed. Looking at the one-hour chart, the price is currently oscillating within the 4650-4690 range, and the direction will likely be decided within the next couple of days.

From a trading perspective, if you want to go long, a prudent approach is to enter in batches within the 4640-4650 zone, with a stop-loss below 4630, targeting the 4670-4700 range. A more aggressive method is to take a small position around 4660-4665 to test long positions, with a stop-loss below 4650, and initial targets at 4680-4690. Once the price effectively breaks above 4700 and stabilizes above this key level, you can follow the trend and chase longs, with targets around 4720-4730.

For short positions, opportunities are in the 4685-4690 zone, with stops above 4700 and targets at 4660-4640. If the price ultimately breaks below 4640, you can follow the trend and go short, aiming for around 4600-4610.

Overall, during periods of high-level oscillation in the gold market, do not chase the highs. It’s better to wait for a pullback and stabilization before taking action. Preserving capital is the priority, as this will enable you to stay in the market longer.