Resistance level: around 4856 (the main resistance area formed by the previous two upswings). Support: around 4706 (previous high is now major support). MACD (12, 26, 9): The downward momentum of the 1-hour chart has increased, and the two lines extend above the zero line and intersect downwards, indicating that the short-term downward momentum continues, and the overall trend is a pullback and recovery.

Gold is currently showing a correction trend as demand for gold as a safe-haven asset declines due to geopolitical conditions. Short-term trading should focus on buying dips after the support level stabilizes and selling when it rebounds to the resistance level.

The 1-hour chart of gold shows that the current price is in a correction phase. Near 4706 points is the key support level that formed the previous top result and is likely to stabilize.

The vicinity of 4856 points is a strong resistance level formed by the previous two upward movements. Any rebound is very likely to encounter resistance, which may lead to a second correction.

The bearish momentum on the MACD has increased significantly, suggesting that this momentum will continue in the near term. A rebound is unlikely to change the downtrend, so it is recommended to maintain the bearish outlook after any minor gains.

Trading strategy:

Buy: 4706-4710, stop loss: 4680, take profit: 4760-4780

Sell: 4850-4856, stop loss: 4880, take profit: 4800-4780

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