The one-hour chart shows a clearer picture — the bearish engulfing pattern after a spike and pullback has broken the previous upward trend of continuous rebounds. Currently, the short-term trend has shifted from bullish to bearish, entering a phase of oscillation and correction.

The KDJ indicator is interesting; the three lines are showing obvious signs of turning downward, a typical short-term correction signal. The indicator is overbought and forming a divergence with the price, indicating that the bullish momentum has been somewhat exhausted, and the bears are starting to take over. Both the 15-minute and 1-hour charts show that the gold price is undergoing oscillation and correction, with the 4500 level still being a tug-of-war between bulls and bears. However, after the positive impact of the ADP data materializes, the probability of a bullish rebound has indeed increased.

Based on this judgment, my approach is:

For short positions, consider a small position on a rebound to the 4470-4475 range, with a stop-loss at 4480, and target the 4460-4455 level.

If going long, a small position can be attempted on a pullback and stabilization around 4445-4440, with a stop-loss at 4435, and a target of 4465-4470.

The key is whether the 4500 level can hold, as it will determine the subsequent trend direction.