On the morning of January 14th, gold continues to perform strongly, with each pullback presenting a buying opportunity.

There are many factors supporting this round of the market. Geopolitical tensions remain high—U.S. military actions in Venezuela and Iran, the stalemate in the Russia-Ukraine war, and the Greenland island topic all stir market nerves. These factors are boosting safe-haven demand, leading to a large influx of funds into precious metals markets. On the central bank side globally, the gold-buying frenzy has not stopped. The Chinese central bank has increased holdings for 14 consecutive months, now holding 74.15 million ounces. In the first seven days of January alone, global central banks net bought 62 tons. From the demand perspective, gold prices have strong support at the bottom.

Looking at the Federal Reserve, uncertainty remains high. Powell is under criminal investigation, causing market concerns about the Fed’s independence; internal opinions on rate cuts are also divided, with CME futures data showing only a 40.7% chance of a rate cut in March. Policy remains uncertain, and investors prefer to allocate to gold to hedge risks. The US December core CPI year-over-year was 2.6%, below expectations, indicating a clear downward trend in inflation, which supports expectations of easing. The US dollar index closed down 0.225 at 98.675 on January 12, continuing to weaken, which directly diminishes the attractiveness of other assets and leaves room for gold prices to rise.

Market liquidity is also responding. Gold ETFs have seen continuous net inflows, with Guotai and E Fund gold ETFs increasing their weekly shares by over 13,000. Although futures positions fluctuate in the short term, the long-term capital inflow trend remains unchanged.

From a technical perspective: 4568 can be considered for long entries. This level corresponds to the upper boundary of the previous oscillation platform from four hours ago, and also the middle band support of the one-hour Bollinger Bands, forming a "trend support + structural resonance" buy signal.

If you want to add to your position, 4550 is a key level. From the four-hour chart, this is an important support during the upward wave correction, repeatedly confirmed during the previous rally, with strong buying support, which can help to lower the average cost.

The defensive line is set at 4535. This is the confluence point of the 5-day moving average and the lower boundary of the upward channel. A break below indicates the correction has exceeded expectations, and the bullish trend may experience a phase reversal. Setting a stop-loss here can effectively manage risk.

Overall, go long at 4568, add on dips at 4550, and set a stop at 4535, with targets in the 4630-4660 range.