Today, gold is generally fluctuating at a high level, with a tug-of-war pattern. After a deep decline overnight, gold prices reversed in a V-shape, continuing to rebound and recover in the early trading session. The bulls and bears are fiercely contesting, with no clear directional trend. The safe-haven demand driven by geopolitical conflicts, the decline in U.S. Treasury yields, and ongoing central bank gold purchases provide strong support for gold prices; however, U.S. inflation data exceeding expectations has cooled expectations of rate cuts, and the dollar has strengthened. Coupled with profit-taking pressure from previous high levels that has not yet been exhausted, the sustainability of the rebound remains uncertain. From a technical perspective, in the short term, international gold focuses on support at $4,500 and resistance at $4,580, while Shanghai gold mainly watches support at 985 yuan and resistance at 1,005 yuan. In terms of trading strategy, it is recommended to adopt a range-bound approach, avoid chasing highs or selling lows, and rely on key levels for light positions in short-term trading. The medium to long-term outlook remains bullish, and dips are seen as buying opportunities.