Gold rebounded strongly from the early session low of $4,456, once surging to around $4,602 where it encountered resistance and pulled back. Currently oscillating around $4,573, with price action below the Bollinger Band middle band, showing a range-bound consolidation pattern after the spike higher.

From the current technical picture, price has declined sharply from the high of $5,420 to $4,124, followed by a rebound and correction. After the short-term oversold condition, there is a technical retracement demand. The moving average system shows a bearish alignment with price still trading below short-cycle MAs; the major trend remains bearish, and the current rebound appears more corrective than reversionary. On the 4-hour level, price bottomed at $4,124 followed by consecutive bullish candles and stabilization above short-term MAs, with some bullish momentum release, but the overall bearish structure remains intact. On the 1-hour level: short-term bullish trend is evident, however, stagnation signals have emerged, with increased pullback risk after the spike higher! Subsequent market bias remains bearish!

Short gold at 4,600-4,630 area, targeting 4,480-4,330 downside.
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