Gold surges to a high of 4871! Key levels today—get it right for big profit

Gold surged to 4850 in the early session. Yesterday overall showed a choppy yet bullish-leaning pattern. The intraday low was 4738. After pushing higher to 4796 in the afternoon, it corrected slightly. In the evening, the bulls once again gained momentum, and the price rose steadily to the 4850 high. With the Bollinger Bands’ middle line continuing to move higher, the bullish trend is clear.
On the news front, the Middle East geopolitical situation continues to provide safe-haven support. Combined with the ongoing tug-of-war around Fed rate-cut expectations and the weakening U.S. dollar, gold prices are continuously boosted. Only at elevated levels is there some short-term consolidation caused by profit-taking.
From a technical perspective, the three Bollinger Bands lines on the chart are spreading upward. Price is moving along the upper band, and it is currently approaching the upper-band pressure zone. The key resistance to watch above is at 4854-4856. Support below is at the 4817-4835 range.
Trading ideas:
• Buy longs near 4825-4805 on a pullback
• If the pullback is relatively large, buy near 4795-4775
• If the market strengthens directly, follow up with long orders near 4840
Targets are 4880, 4900, and above $XAUT