On August 24th, gold showed signs of a technical pullback correction last week, but a surprise announcement from the U.S. Treasury regarding an expanded scale of Treasury bond buybacks triggered a sharp decline in the dollar, which in turn fueled an abnormal surge in gold prices. The metal broke through the 4500-4600 resistance levels in quick succession, and the weekly close in positive territory has improved the overall technical structure.

However, this upward move was driven by sudden news, giving it a highly speculative short-term character, and blindly chasing the rally carries significant risk. The daily chart shows a volatile pattern, with prices breaking below the 5-day and 10-day moving averages on Tuesday via a bearish candle, only to reverse the trend sharply with a bullish candle on Wednesday. This price action has left technical indicators showing severe bearish divergence at the highs.

For the current week, gold may continue to exhibit a firm tone, but upside potential appears limited. Key resistance is seen near the 4700 level, while immediate support lies around the 4530 zone. Investors should be wary of the possibility of a distribution-style selloff, where prices could be pushed higher to lure in late buyers before a corrective pullback unfolds.

This analysis is provided for reference purposes only and does not constitute investment advice. Investors should conduct their own due diligence and assume full responsibility for any trading decisions made based on this information.