Gold Bearish Factors Exhausted, Stabilization and Rebound Initiated

Over the past few days, international gold has stopped declining after the previous sharp pullback and has begun a gradual rebound. Gold prices continue to rise, approaching the critical level of $4,600, with a clear bottoming-out pattern at low levels. Buying volume at lower prices continues to increase, and short-term rebound trends are becoming increasingly clear. Today, gold prices will likely consolidate higher, with the key focus on whether it can break through the $4,600 level.

From a news perspective, the Fed's hawkish rate hike expectations that have been suppressing gold prices have gradually weakened, and markets are now anticipating potential rate cuts ahead. The US dollar and Treasury yields have risen and then fallen back, significantly reducing upward pressure on gold. Combined with ongoing instability in the Middle East, safe-haven capital continues to flow into the gold market, and central banks worldwide are continuously buying gold. Long-term demand has established a solid foundation for gold prices. This bottoming-out rebound has sufficient support, and it's unlikely to see sharp crashes again in the short term.

From a technical perspective, gold prices completed bottoming in the $4,300-$4,350 range, with 4-hour moving averages showing an upward trend and abundant rebound momentum. Around $4,420, a strong short-term support level has formed, with multiple pullbacks quickly recovering, leaving little room for further downside. Currently, gold prices are steadily approaching $4,600, a level that serves as both a previous breakout point and an important resistance level market participants are watching. Once broken, prices can continue higher. Even if there's short-term pressure, it's merely an adjustment within the rebound process and won't change the overall uptrend.

Looking at today's price action, gold overall shows strong consolidation and will likely test resistance at $4,600-$4,650. The trend should focus on pullbacks to gather strength and steady increases. Support below is at $4,420-$4,450; if prices stabilize on pullbacks, that presents a good entry opportunity. Above, watch $4,550 first, then $4,650 after breaking through.

For operations, it's recommended to focus on buying at low levels and following the trend, avoiding counter-trend short positions. Simultaneously, strictly set stop-losses to control risk. With gold prices showing clear bottoming patterns and rebound trends already formed, capitalize on the opportunity to build positions at low levels and wait for gold prices to continue rising and break through.
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