1）Gold is currently in a mid-term pullback after a major bull run that pushed it to $5,600. Although it previously dropped to $4,100, it has recently broken back above the $4,000 mark. The move took nearly 5 months. The structure already appears to be in line, but whether the adjustment has finished still needs further confirmation.

2）Whether you confirm that the downturn that began at $4,892 has already ended, or whether you determine that the rebound that started from $3,942 is a phase bottom, there is a key level to judge. That level is $4,380. The battle around this area directly determines the direction of the mid-term gold trend.

3）Before a breakout, the market often goes through complicated back-and-forth consolidation. We can see the price has been oscillating within a range over the past few days, but it hasn’t formed a clear direction. We call this disorderly consolidation. It often turns into a “one-way move” style行情. From a technical perspective, gold is still capped above $4,100. Only if it breaks above this level will the shorts weaken and the market turn stronger. Conversely, only if it falls below the $4,000 threshold will downside room open up.

4）On a day-to-day basis, today’s overall action is still range-based oscillation. The resistance is at $4,080 and $4,100 above. Support is at $4,020–$4,030 below. Disorderly consolidation continues, awaiting the market to provide a clear breakout direction.