The underlying logic of the gold bull market has not changed:


Global central banks continue to increase holdings: In the context of de-dollarization, the demand for gold reserves remains rigid.
Expectations of rate cuts fluctuate repeatedly: Whether rate cuts come early or late, the downward trend in real interest rates supports gold.
Geopolitical safe-haven sentiment normalizes: Capital allocation demand for gold only increases.
Technical structure: The 4-hour ascending channel is intact, with each pullback being supported by buying.
Current resistance is first seen at the 4780-4800 range; a breakout could target 5000 or even higher.
Support below is at 4550-4600; as long as the lower channel boundary is not broken, each correction is an opportunity to buy.
In a bull market, it’s not about who is smarter, but who can hold on. This wave of gold is far from the top. $XAU #黄金 $BTC $BTC
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