Gold price movement shows a strong oscillation pattern at high levels, with the bullish trend line not yet effectively broken. However, the RSI indicator is already in the overbought zone, and short-term pullback risks should be watched carefully.

From the support levels, 4655-4650 is the primary defensive zone. If broken, 4640 forms a strong support band. On the resistance side, 4680-4690 forms a short-term resistance area. Breaking through this zone, 4700 becomes a key technical resistance.

For bullish traders, an aggressive strategy could be to go long at around 4665 with a small position, with the first target aiming at the 4680-4690 range. If the 4700 level is effectively broken, the next target is 4720. Conservative traders may wait patiently to establish positions in the 4650-4655 range.

For short positions, 4685-4690 is a good area for light entries, targeting a pullback to 4660-4655. The critical break level is 4650; once broken, traders should follow the trend to short at 4620-4630 deep support zone. Overall, in the current oscillating market, close attention should be paid to the confirmation of support and resistance validity.