Gold Technical Analysis Strategy | Consolidation within Range, BGold / U.S. DollarFOREXCOM:XAUUSDRiley_XAUGold Technical Analysis Strategy | Consolidation within Range, Bulls Still Dominate 📌 Fundamentals: Recent weak US employment, inflation, and retail data have cooled market expectations for a September Fed rate hike, putting pressure on the dollar and providing overall support for gold. The market is currently awaiting further confirmation of future policy direction from the Fed's July meeting minutes. Although rising US Treasury yields and oil prices today have put some pressure on gold, the cooling of rate hike expectations remains a significant support for gold bulls. 📈 Technical Analysis: Observing the 1-hour chart, gold broke upwards after completing a low-level consolidation and is currently still within an upward channel. The chart shows clear support around 4370, while the price has repeatedly tested the resistance level of 4433. Currently, the price is basically consolidating within the 4370-4433 range, and the right shoulder of the head and shoulders bottom pattern remains intact. Personally, this high-level consolidation doesn't make me rush to turn bearish; instead, I tend to interpret it as the bulls digesting and accumulating strength after the previous rise. As long as 4370 is not decisively broken, the overall structure remains bullish. 🔥 🎯 Trading Strategy: Long First, Short Later In the short term, prioritize buying opportunities on pullbacks above 4370, waiting for the price to retest 4433. 🟢 Support: Around 4370 🔴 Resistance: Around 4433 🚀 If 4433 is decisively broken and held, the key area to watch is 4440-4460; ⚠️ If 4433 is repeatedly tested and rejected, and a clear reversal signal appears, then consider shorting at higher levels. My current view remains clear: I will not easily change my bullish outlook until gold breaks below key support levels. The current consolidation is more like waiting for the next directional move. Be patient; the real opportunities often lie before a breakout. 💬 I will continue to monitor key support and resistance levels for gold, as well as breakout signals, to prepare for the next strategic move. For those who enjoy gold technical analysis, please like 👍, follow my page ⭐, and comment to exchange ideas and find more valuable trading opportunities in the next phase! ⚠️ Please manage your positions according to your own risk tolerance when trading.