The strategy of buying low and selling high remains unchanged!GOLD / US DOLLARPYTH:XAUUSDChuck_WilsonGold is currently consolidating upwards, rebounding to around $4705 shortly after the London open—precisely the 61.8% Fibonacci retracement level of the previous downtrend from $4800, a crucial technical level for short-term traders. A decisive break above this key Fibonacci level could trigger further upward momentum, targeting the next resistance zone of $4755-$4760 and the psychological resistance level of $4800. Conversely, if it fails to break through, gold will likely fall back into range-bound trading, with near-term support at $4600-$4580 and stronger support at $4553. Overall, gold is currently trapped in a wide trading range of $4500-$4800. Without a decisive break above $4800 or a break below $4500, avoid betting on a one-sided move—stick to range trading and avoid chasing momentum; it's that simple. For market participants, closely monitoring developments in the Strait of Hormuz, policy signals from the Federal Reserve, and key economic indicators is crucial. In the current highly volatile environment, gold remains a key component of asset allocation, effectively hedging against currency devaluation and systemic risk—undoubtedly a classic safe-haven asset. That said, short-term traders should closely monitor the correlation between the US dollar index and oil prices—avoiding blindly buying the dip or chasing rallies. If the price touches the 4705/07 area again, consider shorting. XAUUSD GOLD XAUUSD GOLD XAUUSD