After a sharp fluctuation at the beginning of the Golden Week, the market has entered a four-hour horizontal consolidation phase, with daily trading volume simultaneously narrowing. This is a typical accumulation structure and not a signal of weakening trends. From a technical perspective, prices are building a support platform at a higher level, waiting for momentum accumulation to prepare for subsequent breakthroughs.

The key focus should be on the critical support area of 4300-4290. If the market stabilizes here, it will provide a solid foundation for another upward attack, and the potential for further rallies is worth anticipating. A trend reversal will not occur easily unless gold prices clearly decline and effectively break below the critical defense line at 4260. Otherwise, the so-called 'top' is difficult to proclaim, and the overall situation remains in a solid bullish pattern.

In a clear upward trend, pullbacks and fluctuations are often not risks but rather the brewing of opportunities—both cleaning up floating chips and solidifying the price bottom, accumulating momentum for subsequent rises.

In terms of operations, it is recommended to gradually build long positions: the first entry can consider the range of 4315–4308, and if there is further pullback to 4300–4290, a second batch can be arranged, with a unified stop loss set below 4270. The short-term first target is set at 4345, followed by 4380, and mid-term can look at the 4400 round number.