Gold today is stuck in a consolidation phase with mounting pressure, and the bullish momentum is clearly waning. Looking at the hourly chart, the Bollinger Bands have contracted from their previous open state, indicating that after a period of intense volatility, the market is beginning to enter a consolidation stage.

On the fundamental side, there are some interesting points—US initial jobless claims data was less hawkish than expected, and market concerns about the Federal Reserve continuing to raise interest rates have eased somewhat. Meanwhile, the dollar surged past 104 and then retreated, giving gold a breather.

From a technical perspective, yesterday’s gold price quickly rebounded after falling below 4415, forming a classic "double bottom" bullish pattern, with strong buying support below. Looking upward, 4480 is a key level; if broken, it could head straight to 4500. On the downside, the support zone is between 4455-4460; as long as this area holds, the bullish structure remains stable.

How to operate in the short term? Consider going long in the 4450-4460 range, with a stop loss at 4440, targeting 4480-4490. If resistance near 4485 is encountered, you can try a small short position with a stop loss at 4497, aiming for a return to 4450-4457.