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Gold prices quickly declined early in the session, with the lowest retracement around 4669, then stabilized and stopped falling, beginning to show signs of stabilization, correction, and a gradual upward movement in the short term.
This round of decline is part of the release phase following the previous rapid drop, with very strong support at the lower levels. Bullish buying interest has started to enter continuously, and the current bearish momentum has been fully released. The pullback presents a good opportunity for long positions, and the overall short-term bullish reversal signals are gradually being established. The downside space is now very limited.
Trading suggestions
Buy on pullback to the 4655-4670 range, with the first target at 4695. If broken, then look for a move up to the 4725-4755 range.