Gold Pullback Post-Rally: Trend Intact, Short-Term Range Trading

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Yesterday’s gold price action perfectly aligned with our long strategy, surging to a high of 3791 after a pullback. However, it retreated to around 3752 amid successive corrections during the U.S. session. Overnight, the daily candlestick closed bullish again but with a long upper wick—indicating a slowdown in upward momentum at elevated levels and short-term correction needs. That said, this correction does not signal a trend reversal; a "deep pullback before a stronger rally" will only make the bullish pattern healthier.

On the 4-hour timeframe, the Bollinger Bands are showing signs of contraction, and gold is temporarily under pressure below the unilateral moving average. For today’s trading, focus on the key support levels at 3750 and 3735, as well as resistance levels at 3770 and the 3785-3790 range. The recommended approach is to trade with a range-bound oscillation mindset.

XAUUSD
buy@3750-3755
tp:3770-3780-3790

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Currently, gold prices have broken below the 3735 level. The unilateral upward trend may be drawing to a close, and the market is likely to enter a consolidation phase. From a technical analysis perspective, the price needs to complete consolidation through a pullback correction; considering the current market structure, the pullback range is expected to be relatively limited, and today’s market is likely to close with minor fluctuations.