On August 26th in the gold market, the precious metal approached the $4,700 mark during early trading yesterday but failed to break through this level, subsequently triggering a pullback adjustment.

During the US trading session, prices found support at a low of $4,605 before stabilizing and rebounding, eventually climbing to around $4,675. From a daily chart perspective, yesterday's session closed as a standard doji candle, indicating that Wednesday's gold price action entered a tug-of-war consolidation pattern between bulls and bears.

Many investors panic when they see price declines, worrying that the market has topped out and reversed. It's important to note that a pullback within an uptrend represents a period of consolidation and accumulation rather than the end of the trend. This decline is fundamentally a technical adjustment within the broader bullish advance, designed to digest elevated profit-taking positions and build upward momentum, paving the way for another assault on the highs.

Our overall strategy remains unchanged. We continue to adhere to the previous rhythm: pullbacks to lower levels present opportunities to establish long positions. Patiently wait for a drop to key price levels and enter long positions accordingly, avoiding blind chasing of highs.

For intraday trading, watch two key support levels. The first is the secondary low of $4,618 from yesterday's pullback, followed by the $4,605 low from the previous day. For short-term intraday operations, reference these two support levels for building long positions. The medium-term support lies around $4,550, and as long as this level is not decisively broken, the broader bullish trend for gold remains intact.

For specific intraday operations, consider going long around $4,620 with a stop loss at $4,605 and a target of $50 in profit. If the price holds above $4,618 by midday, consider actively going long above this level with a stop loss at $4,616 and a target of $30 or more in profit.