The US initial jobless claims data came in better than expected, reinforcing market expectations for the Federal Reserve to maintain high interest rates, which provides short-term pressure on gold; geopolitical tensions combined with ongoing global central bank gold purchases create support levels below, leading to a tug-of-war between bullish and bearish factors, resulting in gold's oscillation.

In the early hours, gold continued the overnight decline. The hourly chart shows the price surged to a high of 5091 before encountering strong selling pressure and quickly retreating, establishing the main tone of today's consolidation. Yesterday, the market overall faced resistance after rising, with high-level oscillation. After breaking through the 5000 mark and reaching 5091, the market was affected by profit-taking and reassessment of the Federal Reserve's monetary policy stance, triggering a rapid pullback. Currently, the hourly chart is in a recovery phase after reaching a high, with bullish and bearish forces temporarily balanced.

Long position setup

Conservative pullback longs: Enter after stabilizing in the 4925-4975 range; if the pullback is larger, add longs in the 4890-4910 range.
Strong breakout longs: If the market moves directly upward, follow longs in the 4995-5015 range.
Long target: Watch for 5050-5070-5100.

Short position setup

Conservative rebound shorts: Enter after resistance in the 5015-5020 range; if the rebound is strong, add shorts in the 5025-5045 range.
Short target: Below 4980.