Gold faces resistance at 4700; bears are on the way.Gold opened lower near 4653, quickly dipping to a daily low of 4600 before rebounding, narrowly holding the 4600 level. Buying pressure surged, and the bulls were unstoppable, steadily climbing and recovering lost ground. Currently, it's consolidating around 4690, with a range exceeding 100 points. The shifts between bulls and bears were dramatic, but the low-level support proved remarkably strong. Gold closed with a long lower shadow candlestick, firmly holding the strong support at 4600, effectively defending this key level. Resistance is around 4710, and support is around 4650. Various indicators have turned upwards from low levels, with the MACD histogram narrowing significantly, indicating a sustained rebound momentum. The short-term downtrend has abruptly ended, and the daily chart has temporarily closed above the short-term moving average. Before the Non-Farm Payrolls report, it's likely to remain in a range-bound trading pattern. Therefore, if gold rebounds to around 4710-12 during the US session, consider shorting with a target of 4670-4650 and a stop-loss at 4725.
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