Gold XAU previously formed a W-bottom pattern, broke through the downtrend, pulled back, and then surged again. The upward movement is currently facing resistance in the 4096-4120 range, followed by a pullback. One-hour short-term support range: 4035-4016, key support level: 4016. This level marks the starting point of the current rally and has strong support. Currently, the overall trend shows a bottom consolidation pattern with no clear unilateral trend, remaining in a range-bound consolidation phase awaiting a breakout. The market is forming a bottom structure with consecutive higher lows, signaling exhaustion in the downtrend. The probability of a rebound and upward movement is higher. Pullbacks near the 4035-4016 support range can be used to open long positions. A valid breakout above the 4120 resistance level would open up more upside potential. Today's strategy prioritizes buying on dips. The biggest uncertainty in the second half of the year lies in the Fed's rate hike pace and geopolitical developments. Avoid heavy positions and holding trades long-term. The overall macro trend remains bearish. Only a sustained breakout above the previous high of 4120 would signal a major trend reversal, shifting to a bullish market.