This wave of gold has been rising quite aggressively, from 4497 straight up to 4630, hitting a new all-time high, then it started to slow down. We are now entering a phase of high-level consolidation.

What does the technical analysis say? In the short term, there has indeed been a slight overcorrection, and a small rebound is possible. But to be honest, the bullish momentum has indeed loosened somewhat, and it’s unlikely to continue charging forward in one go in the short term. It needs to catch its breath. However, don’t worry, the overall upward trend channel has not been broken, and what we are seeing now is just a normal consolidation within the trend.

Looking at the movement from last night’s US session to this morning, it’s a typical pattern of rising sharply and then retracing. The price hit 4630 and then lost momentum, starting to fluctuate within the 4590 to 4600 range, with volatility gradually decreasing. What does this indicate? The bulls are still in the game, just temporarily inactive, gathering strength for the next opportunity.

Here are some operational suggestions:

**Light Long Positioning**: You can open small long positions around 4595. If it breaks below 4585, be sure to cut losses quickly. The target range is set between 4615 and 4620.

**Add Positions When Suitable**: If the price retraces to 4570-4580, consider adding to long positions on dips, aiming for a target range of 4620 to 4640.