4700 level firmly secured! Gold remains strong, and the upside space is fully opened

On the four-hour chart, the price steadily climbs along the upper band of the Bollinger Bands, which are expanding upward, with the KDJ indicator's three lines moving higher at high levels, signaling a clear bullish trend. The technical outlook confirms a bullish trend has been established, with the 4700 USD level forming a strong support, and the space above has opened up, potentially challenging previous highs.

From a news perspective, market optimism about the Federal Reserve cutting interest rates continues to ferment, combined with geopolitical uncertainties, providing dual support for gold prices. If tonight’s US April CPI data falls short of expectations, it will further reinforce the expectation of rate cuts, acting as a catalyst for gold to break higher. The global central banks’ ongoing gold purchases remain unchanged, underpinning gold prices with long-term buying, coupled with silver’s rally, which collectively boost market sentiment for gold.

Suggestions:
Pull back to around 4700-4720 for phased long positions; if the pullback is strong, consider buying near 4680, targeting 4780, 4800, with a break aiming for 4850.

Disclaimer: The above analysis is for reference only and does not constitute investment advice. Operate at your own risk.