Spot gold (XAU/USD) bottom formation is gradually taking shape—continue to go long on dips.

Gold yesterday saw a choppy rebound. After reaching the 3982 area in the morning, it moved higher within a range. During the European session, the range-bound movement continued. In the US session, it surged to 4040. Our long-on-dips call perfectly hit all targets, and near the close price entered a tight consolidation range.

With geopolitical tensions in the Middle East continuing to heat up, the mediator proposed a 10-day ceasefire to look for a path to restore the interim US-Iran agreement. Ongoing gold purchases by global central banks, along with the entry of physical buying at lower levels, have provided solid bottom support for gold prices.

On the daily timeframe, it printed two consecutive bullish candles. The underlying bottom support is firm. Random indicators have begun to converge and form a golden cross, showing strong bullish momentum.

On the 4-hour timeframe, it continues to consolidate at low levels. The Bollinger Bands are moving sideways. Gold has been oscillating and trending upward, and all technical indicators are aligned bullishly. There is still room for upside in the short term, so for the near term, going long on dips remains the main focus.

Entry opportunity: buy around 4015, with targets at 4035–4075.