Last week, the gold market exhibited a pattern of 'highs and lows with range fluctuations'. It opened at 4220.7 at the beginning of the week and quickly rose to an intra-week high of 4265.1, relying on short-term bullish momentum. However, insufficient buying strength at high levels triggered a strong pullback, with a minimum reaching the key support level of 4162. Ultimately, the weekly line closed at 4196.3, forming a spinning top candlestick with a slightly longer upper shadow. This pattern directly reflects the intensified short-term tug-of-war between bulls and bears, with the pullback pressure clearly released.

From the 4-hour cycle perspective, the current gold price is in a range of 4160-4260 with reduced fluctuations, characterized by two core features: First, both attempts to break the 4260 resistance level last week encountered resistance and fell back, indicating concentrated selling pressure above; second, the 4160 support level has been tested twice without being effectively broken, indicating some buying support in that area. Combined with the technical signal of a continuously narrowing Bollinger Band, it is likely to continue the back-and-forth struggle within the range at the beginning of this week. Attention should be paid to the 'breakout direction' — if it effectively breaks below 4160, it will open up the space to test the lower boundary of the converging triangle at 4120; if it breaks above 4260, it may restart the bullish trend.

Trading suggestion: Focus primarily on the range fluctuation approach. A rebound to the 4220-4223 range could be an opportunity to position short, with a target looking down to 4188-4190, $BTC $ETH $BNB #比特币VS代币化黄金 #ETH走势分析