$XAU Structurally, the resistance above focuses on the 4780-4800 zone (a cluster of previous highs), while short-term support is around 4550-4560. The current rebound momentum is still decent, but attention should be paid to whether there are volume-price divergences or signs of a pullback on the 1-hour timeframe. If it cannot effectively hold above 4650 later, there is a possibility of a pullback to support levels. Geopolitical factors and interest rate cut expectations remain the main driving forces. In short-term trading, it is not advisable to chase highs; waiting for a pullback confirmation is more prudent.