Gold retracement is an opportunity; the uptrend for the bulls remains unchanged!

From the 1-hour Bollinger Bands structure, the current gold price, after experiencing a rapid capitulation and bottoming, has re-established itself above the Bollinger middle band.

Recent U.S. inflation data continues to weaken, and expectations in the market that the Federal Reserve will begin rate cuts around mid-year have been further priced in. The U.S. Dollar Index is under pressure and weakening, and U.S. Treasury yields are falling, directly lowering the cost of holding gold and providing ongoing support for gold prices.

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The situation in the Middle East still has uncertainties, and market risk-averse sentiment has not fully faded. If the situation sees another round of fluctuations, gold prices may at any time receive a concentrated inflow of safe-haven buying; a retracement is a low-buy opportunity.

The current market has completed the release of bearish momentum, and the uptrend is clear. In terms of trading, focus on going long on dips; do not chase shorts, and do not trade against the trend.

Trading recommendation:
On the pullback around 4755-4770, consider entering long positions in batches. Place the defense level below 4740. Targets are 4800-4830-4850.
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