In terms of news, the geopolitical situation in the Middle East remains volatile, with the fragility of the ceasefire agreement and the potential for conflict escalation continuously providing safe-haven support for gold prices; at the same time, market expectations for a rate cut by the Federal Reserve this year persist, with limited room for the US dollar index to rebound. Coupled with the long-term support from global central banks' ongoing gold purchases, the medium- to long-term allocation logic for gold remains solid.

From a technical perspective, the daily K-line gold price is stable above the middle band of the Bollinger Bands, with the middle band at $4,663 forming strong support. The KDJ indicator remains in a bullish range, and bullish momentum has not diminished. A support level has formed at the short-term low of $4,737, and the current phase is one of accumulation before a breakout. Once the price breaks above the resistance at yesterday’s close of $4,834, it is expected to retest the previous high.

Suggestions:
Pull back to around 4,760-4,780 to buy in batches, with targets of 4,850 and 4,900.

Disclaimer: The above analysis is for reference only and does not constitute investment advice. Operate at your own risk. $XAU