The gold market showed quite strong bullish performance today, with prices surging to the interim high of 4888, then oscillating back and forth at high levels. From the market sentiment, both bulls and bears are repeatedly tugging at key levels, but the dominant position still belongs to the bulls. This high-level consolidation seems more like a preparation for the next surge.

From a technical perspective, on the 1-hour chart, the upward momentum of the bulls remains vigorous. Prices have been climbing along the moving averages, which are arranged in a typical bullish formation, providing solid support for the rally. Although the MACD red histogram has narrowed, no clear reversal signal has appeared yet. Coupled with volume, the overall upward trend has not been materially disrupted for now.

Regarding resistance levels, today’s high of 4888 has become the immediate short-term resistance. Whether this level can be effectively broken will directly influence subsequent market movements. Once gold stabilizes above 4888, the bulls are likely to push towards the 4900 psychological barrier—an important resistance level that could become a focal point of bullish and bearish battles.

Support levels should focus on the lower boundary of the 4860 consolidation zone, which is the core support for the current high-level correction. Holding this level increases the probability of bulls gathering strength for an upward attack. However, if 4860 is unexpectedly broken, attention should shift to the intraday low of 4831—an important support from the previous rally phase. The strength of this support will largely determine the short-term trend.

Based on multiple timeframes’ technical signals and volume changes, the bullish trend for gold remains intact, and it is likely to continue oscillating at high levels with a relatively strong bias tonight. The trading strategy should mainly focus on going long, but caution is advised regarding potential breakouts and pullback risks at key levels.

What’s the specific approach? If gold finds effective support and stabilizes in the 4855-4860 range, consider entering multiple long positions, with a stop-loss below 4850 to avoid short-term pullbacks, targeting the previous high of 4888. If the price strongly breaks through 4888 and stabilizes above it, you can add to your longs and aim for the 4900 level.

Conversely, if the price unexpectedly breaks below the key support at 4831, accompanied by increased volume, you might try a small short position, targeting around 4820. However, be sure to strictly control your position size and stop-loss to avoid being caught by a trend reversal.