Yesterday, gold prices experienced significant fluctuations during trading. After peaking at 4634.6, prices steadily declined to 4569.8. As of the latest update, the price is at 4586.5, slightly down 0.22% from the day before yesterday's close. However, the key point is that the low of 4569.87 was not broken, instead it became a strong support level, leading to a subsequent rebound. Although there was some pullback after the rally, the afternoon trading session stabilized within the 4580-4600 range. Currently, the technical pattern of forming a bottom is becoming more apparent, and the bullish setup is gradually taking shape.

From a fundamental perspective, the Federal Reserve's expectation of rate cuts has been providing a floor for gold. Recent US economic data have been mediocre, showing no signals of hawkishness, and the US dollar index has little upward momentum. Coupled with ongoing geopolitical tensions worldwide, safe-haven funds continue to flow in. These factors combined have strengthened the buying support below the gold price, and the selling pressure from bears has noticeably weakened.

On the technical side, a clear bullish signal can be seen on the 30-minute chart. The price did not break below previous lows during pullbacks, confirming the effectiveness of the support level. The MACD has shown signs of a bullish crossover at low levels, with the green bars continuously narrowing, indicating a shift in momentum. The position at 4569.87 near the lower Bollinger Band is solid, and the moving averages are beginning to turn upward, suggesting a short-term rebound trend is forming. Based on pivot point calculations, the current price is just above a critical support level, with limited downside space.

From a trading perspective, maintaining a strategy of primarily long positions at low levels is sound. The core trading range is locked between 4570-4580, with a strict stop-loss set below 4565 to prevent a breakdown. The first target can be set around 4610-4630. If the price can strongly break through the key resistance at 4635, traders can follow the momentum to add positions, with further targets near 4650.

(Special note: The above analysis is based solely on 30-minute K-line data and publicly available market information for technical assessment, intended for trading reference only and not investment advice. The market carries risks; please operate cautiously according to your own circumstances.)