Spot gold touched a low near 4560 in the early trading session. The 1-hour candlestick chart shows a gradually forming rounded bottom pattern, with smaller timeframes simultaneously entering a convergence and bottoming phase.

From the long lower shadow and bullish engulfing pattern, the buying momentum at low levels is quite strong, indicating that the selling pressure from the bears is gradually diminishing. The bearish divergence signal on the 30-minute cycle is being corrected through oscillation, and the 1-hour indicators are also adjusting accordingly. Although the bullish momentum has temporarily cooled off, there is no sign of panic selling or heavy volume dumps.

4680 is a previous resistance level and also the immediate obstacle within the current consolidation range. Repeated attempts to push above this level have been met with resistance, suggesting that there is some selling pressure above. However, this is not enough to break the core support of the bullish trend.

Trading strategy-wise, consider entering long positions on pullbacks to around 4660; if the price breaks below 4680 and then retests without breaking lower, that presents a buying opportunity on the right side. Short-term targets are focused on the 4700 and 4720 levels.