Gold analysis for the evening of the 23rd!

Gold is seeing range-bound consolidation in today’s high-range zone. It dipped and then rebounded during the day, with fierce tug-of-war between bulls and bears. The chart keeps getting shaken and washed repeatedly, and there is no clear directional bias in the short term;
On the news front, bulls and bears are still at odds. Expectations for a Fed rate cut are pushed back, the US dollar and US Treasuries strengthen to pressure gold prices, and profit-taking by longs further limits short-term rebounds.
However, medium- and long-term support remains solid. Global central banks continue to accumulate gold, geopolitical risks still linger, and de-dollarization keeps progressing—so the downside room for gold is limited!
Technically, the daily chart’s larger-scale bullish structure remains intact, but upside momentum continues to fade. Price action has entered a high-level consolidation/resting phase. Overall, the tempo is relatively weak and dominated by sideways oscillation, with short-term movements mainly focused on adjustment and digestion.
In the short term on the 4-hour chart, price action is relatively weak and consolidating. Key resistance above is locked in the 4735-4750 area. For support below, focus on the core support at 4685-4695. The range boundaries are clear, and the market is mainly oscillating back and forth.
For evening operations, you only need to plan around the key range!
It is recommended to consider going short if the rebound around the 4750 area faces resistance, following the momentum.
Targets to watch are the 4700-4690 support area.
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