Spot gold yesterday retreated to around $4455, facing significant resistance intraday. On the surface, profit-taking, the new highs in US stocks weakening safe-haven demand, and the fading heat of the Venezuela incident all contributed to these waves of pressure. However, a closer look at the fundamentals shows that the bulls still hold strong cards—the ongoing escalation of US-Mexico tensions and the market's over 70% probability of a rate cut in March.

This is quite interesting. Short-term adjustments are normal, but the overall trend remains unchanged. The $4400 level is particularly critical, serving as the dividing line between bulls and bears. If it is truly broken, that would be problematic. Conversely, if we can hold above $4400 and continue to push higher past $4480, the upward trend can be restarted. It all depends on the battle over the next few days.