#贵金属黄金与白银刷新历史高位 Recently, gold market trends have been quite interesting, with several key changes worth analyzing.

**What is stirring the gold price?**

The easing of geopolitical tensions is the main backdrop—disputes over Greenland have shown signs of resolution, US-EU tariff conflicts have also eased, negotiations in Ukraine have made progress, and as a result, safe-haven funds are withdrawing. At the same time, economic signals are emerging: the US Supreme Court may block the Federal Reserve Board members' replacements, Sweden's pension funds are offloading US bonds (worth $7.7-8.8 billion), and trade agreements between Europe and the US are frozen. All these data points point to the same thing—market expectations are adjusting.

Tonight and early tomorrow morning, several data releases are worth watching: US initial jobless claims and core PCE (21:30), Eurozone consumer confidence (23:00), and EIA crude oil inventories (early tomorrow at 1:00). These could all cause volatility.

**What does the technical picture look like?**

The 1-hour chart shows narrow-range consolidation, while the 4-hour chart indicates that bullish volume is clearly diminishing, with increasing selling pressure at higher levels. From the rhythm perspective, the probability of a pullback tonight is rising.

**How to operate?**

The strategy is clear: shift from low buy positions to high sell positions, betting on this correction. Specifically, start shorting around 4880 and below, with a stop-loss at around 4890 (exit if broken). The first target is in the 4815-4805 range; if broken, continue to watch for a move toward 4760.

$XAU This wave of market movement has a strong rhythm, but don’t be greedy—data releases could introduce uncertainties.