Yesterday, gold performed quite interestingly. It repeatedly tested the pressure level at 4625 after opening, but the support at 4580 remained unbroken. What does this indicate? The bulls are quietly accumulating strength. By the evening session, the lows kept getting higher, and you could feel the bears gradually losing ground. Today, the market opened sharply higher at 4620, a very clear signal — today, the bulls are taking the lead.

Looking ahead, there are many factors supporting the continued strength of gold. The Federal Reserve's rate cut is still being discussed, and the market remains highly optimistic about easing policies; geopolitical tensions in the Middle East and Russia-Ukraine haven't eased, and safe-haven funds are still seeking outlets; global central banks are also continuously increasing their gold holdings as a buffer. The combination of these factors provides enough upward momentum for gold.

How to operate? There are two approaches —

The first is a main force long position setup: look for opportunities to go long in the 4608 to 4600 range, with a stop loss at 4598. If the price pushes up smoothly, first watch the 4620 level; if it breaks through 4620, the target continues to be above 4640.

The second is an opportunity to add on dips: if the price retraces to the 4590 to 4580 range, decisively add long positions, with a stop loss at 4575. The target is also initially in the 4620 to 4640 area; once this level breaks upward, directly aim for 4680.