Technical Analysis: Gold is mildly bullish in the short term, but needs to break through the key resistance at $4920

1. The 4-hour chart shows that gold prices are moderately bullish in the short term, having recovered the mid-range of the recent consolidation zone. However, prices remain constrained by the descending 200-period moving average (coinciding with the 61.8% Fibonacci retracement level), and the overall trend is still under pressure.2. The MACD line has turned positive, and the histogram continues to expand, indicating that upward momentum is increasing. The RSI hovers in the mid-60s, maintaining a positive tone but not entering the overbought zone, suggesting there is still room for further gains.3. The key resistance is at $4,920 (where the 200-period moving average coincides with the 61.8% retracement level). It is advisable to remain cautious before a confirmed breakout; after breaking out, attention shifts to the $5,000 psychological barrier and then targets the 78.6% retracement level at $5,141.4. On the downside, recent support is around $4,760 (50% retracement level); if breached, prices may fall back to $4,605 (38.2% retracement level). Stronger support lies at $4,411 (23.6% retracement level), and breaking this would weaken the bullish bias.