Gold Analysis:

Four-hour chart resistance: 4600, support: 4355.

1 hour chart resistance level: 4555, support level: 4420.

Gold prices returned to $4,500 an ounce on Friday, with the weekly chart closing in a bullish doji pattern, indicating strong buying pressure above $4,100. Since gold cannot fall further, it will continue to rebound and consolidate.

This week, the $4550-4600 range is the main resistance level. A breakout of this level could lead to a test of the $4680-4700 range or even higher.

However, given the recent signs that the U.S. dollar index continues to rise, this will put some downward pressure on gold prices. Coupled with growing expectations that the Federal Reserve will raise interest rates, these factors are unlikely to push gold prices to new highs.

In terms of indicators, although the fast and slow MACD lines on the one-hour chart have both crossed above the zero line, indicating a bullish outlook in the short term, the four-hour and daily indicators are both below the zero axis, indicating that the downward momentum has not yet faded. From a long-term trend perspective, it is advisable to sell on highs.

Trading strategy: Pay attention to the resistance level near 4540-4555. You can try to sell when you encounter resistance. The support level worth watching is 4420-4355. If the decline stops at these levels, you can try buying.

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