Gold's recent pullback has scared some people into short positions, but this is just a shakeout at high levels; don't be fooled.

After rising from 4300 to 4500, a pullback occurred, and now it’s fluctuating around 4430-4440. The key point is that gold has consistently stayed above 4400, and the technical structure remains intact. This wave of correction may look fierce, but in reality, it’s a technical sell-off caused by index rebalancing. Funds have been accumulating around 4400, and it’s difficult for the price to fall further.

From a fundamental perspective, it’s also understandable why gold is so resilient. Although the Russia-Ukraine conflict has shifted from a strong driver to a weak support, the conflict isn’t over yet, and it still provides emotional buffer for gold prices. More importantly, the funding situation is very solid—by November 2025, global central banks have net bought 45 tons of gold, totaling 297 tons for the year, and the gold purchase forecast for 2026 is 755 tons. Additionally, ETFs have quietly accumulated during this correction, acting as "bottom guardians" for gold prices. The long-term bullish logic remains unchanged.

**Technical outlook:**

Support levels focus on the core threshold of 4400, with additional support at 4405, 4416, and 4432 in a stepwise manner. Resistance levels are at 4450, 4462, and 4467. The range of 4480-4500 is the previous high zone; breaking through this range could open up new upward space.

**Trading strategy:**

A pullback to the 4410-4420 zone can be used to add positions gradually, with a stop-loss at 4395. The first target is 4460-4480; if it stabilizes there, look toward 4500. If the target cannot hold, consider reversing to short positions—quick in and out, avoid holding onto losing trades. If 4400 is truly broken, then decisively stay on the sidelines and wait for the next opportunity.