On October 9, gold began to stabilize and rebound gradually after touching a bottom, though in the short term it remains within a broad range-bound consolidation. Bulls and bears are still grappling for direction without a clear breakout, and near-term price action is expected to be dominated by range-bound repair.

Yesterday, gold found a floor near 4,100. I emphasized that a pullback approaching the 4,000 mark presented an opportunity to go long, and noted that entering long positions at 4,116 played out with gains as expected. The price attacked 4,145 multiple times before pulling back, and short positions defended around 4,145 also captured profits. In today's early session, gold has already broken through 4,145 and extended gains to near 4,175. The overhead resistance remains in the 4,185 area and the 4,230 area as previously noted. Short-term rebound momentum is strengthening, so the plan is to wait for a pullback before positioning long, or alternatively, if price probes higher without breaking the previous high and faces rejection at resistance, consider a short trade before buying back lower.

Today's view: after a rapid dip on the 1-hour chart, gold has stabilized and held above the 4,100 round-number support, which has now become an important level. On pullbacks, lean toward buying on dips with 4,100 as support, targeting upside. The first overhead resistance is 4,185, followed by the key resistance at 4,230. Avoid chasing longs at elevated levels. If price rebounds again to test resistance, consider attempting a short trade.

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