Based on the recent trend since last night, gold prices surged strongly to around 4680 in the early morning before experiencing a slight pullback, but overall they remain firmly above high levels. After a nearly hundred-point gap-up opening in the early session, there was no significant retreat; instead, the market adopted a strong sideways consolidation to gradually digest the pressure—this "rising without falling" performance essentially reflects the strength of the bulls' control.

The dual drivers of tense geopolitical situations and tariff disputes have pushed gold prices successfully through key resistance levels. Open interest continues to rise, capital inflows have noticeably accelerated, and overall market sentiment is relatively optimistic.

Looking at a broader time frame, gold’s safe-haven attributes and allocation value are continuously increasing. Global central banks are still increasing their gold holdings, and expectations of Fed rate cuts are rising. The downward trend of real interest rates is already quite clear, and these factors provide solid support for gold prices. Although low liquidity near holidays may cause short-term volatility, the overall bullish pattern remains unchanged, and each pullback could be a better entry opportunity.

On the hourly chart, the middle band of the Bollinger Bands continues to move upward, with gold prices operating near the upper band. The moving average system maintains a bullish alignment, and the MACD is expanding above the zero line for the second time, indicating that short-term momentum remains relatively strong. The support at 4650 is still effective, and pullbacks near this area are worth considering for long positions.

The key short-term point is to observe the support strength at 4650 and whether 4680 can continue to be broken through. Judging from recent trend rhythm, as long as there are no major unexpected negative news, the market is likely to open higher tomorrow. Therefore, the trading strategy remains bullish, gradually building positions around 4650-4660, with an upper target of around 4700-4710.