Is last night's rebound in the U.S. market a trap to lure in buyers? Or is it a signal for a counterattack by the bulls?

The gold market traded sideways yesterday, but in the U.S. session, stimulated by data, it formed a rebound from the bottom; the downward process was a correction; after the correction ended, the market pulled back up again, indicating that the support from buyers below is still present. Today, gold continues a pattern of high-level pullback and volatility, sharply falling after peaking at 5023, and is currently engaged in a tug-of-war around the 4950 level.

From a news perspective, today's market is relatively quiet, with no major macro data released, and gold's movement is increasingly dominated by technical factors. The core factor suppressing gold prices remains the cooling expectations regarding interest rate cuts by the Federal Reserve—although the market generally acknowledges the direction of rate cuts by the Fed in 2026, recent U.S. economic data has shown stable performance, causing expectations for the pace of rate cuts to slow down. This has been a fundamental reason for gold's retreat of over 600 points from its historical high of $5596.74. At the same time, there are currently no new signs of escalation in global geopolitical tensions, and the safe-haven sentiment's support for gold is limited, while the significant profit-taking pressure accumulated earlier has seen some release in yesterday's decline.

Technically, multi-timeframe charts show a divergence signal of "medium-term pressure, short-term stabilization." On the daily level, gold prices are clearly under pressure at the Bollinger middle band of $5036.67, with moving averages trending down, indicating that the medium-term is still in a corrective phase; on the 4-hour level, the Bollinger Bands are starting to tighten, and the K-line has rebounded after touching the lower band, showing that short-term downward momentum is weakening; while on the 15-minute and 1-hour levels, signs of bottoming and oversold rebounds are appearing. Crucially, the $4950 level is not only the low point of yesterday's pullback but also a support level for multi-timeframe resonance, as well as a dividing line for bulls and bears within the day.

Today, gold is likely to undergo a technical recovery, and it is advised to focus on buying during pullbacks while cautiously selling on rebounds, strictly avoiding the risk of chasing orders.

Trading recommendations: short near 5030-40, stop loss at 5058; long near 4935-45, stop loss at 4920; real-time market guidance. #黄金白银反弹 $XAU