Recently, this wave of gold market movement has indeed been quite fierce. It seems there is a reason behind it—at least three forces are driving the momentum.

On one hand, central banks around the world are accumulating gold. Under the backdrop of the restructuring of the monetary system, central banks continue to increase their gold holdings, forming a structural and hard-to-shake buying pressure. On the other hand, expectations of a Federal Reserve rate cut are heating up, which directly reduces the opportunity cost of holding gold and supports gold prices. Additionally, geopolitical tensions are somewhat unstable, triggering safe-haven demand, and gold, as a traditional safe-haven asset, naturally becomes more attractive.

From a technical perspective, after a brief correction before the holiday, gold quickly stabilized, and the bulls' support was quite strong. This indicates there is still room for further upward movement. In the short term, if the gold price retraces to the key support zone of 4400-4430, consider buying on dips, with targets aimed at the 4550-4600 range.