Don't be fooled by short-term pullbacks! The overall trend of gold remains upward.

On the four-hour technical chart, after testing the middle band of the Bollinger Bands and stabilizing, the lower band continues to move upward, indicating strong support below and that the pullback is more like a healthy accumulation before a breakout. Although the current KDJ indicator has temporarily pulled back, it has not entered the oversold zone, showing that the bullish momentum has not yet exhausted.

On the news front, Middle Eastern geopolitical risks continue to ferment, and market risk aversion remains high; global central banks are continuously increasing their gold holdings, strengthening the long-term "safety cushion" for gold prices. Additionally, market expectations of the Federal Reserve's future easing policies are also providing ongoing upward momentum for gold prices.

Suggestions:
Buy in stages around 4685-4715 on pullbacks; if the pullback is strong, consider buying around 4660, with targets at 4750, 4800, and a break above to 4850.

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