Gold is worth watching tonight as it approaches $4900, but the key is not to be greedy at the top; a pullback is the best opportunity to enter.

From a fundamental perspective, market risk aversion is intensifying systemically. The global debt market is experiencing continuous volatility, and investors' concerns about national creditworthiness and interest rate trends are deepening; geopolitical conflicts and trade frictions continue to ferment uncertainty, all of which are steadily injecting buying interest into gold. Additionally, central banks around the world are still increasing their gold reserves, providing a solid long-term foundation for the bulls.

From a technical standpoint, gold is currently in a clear upward channel, exhibiting typical strong characteristics—rejecting downward adjustments and continuously raising support levels. The price is gradually climbing along the short-term moving average, constantly hitting new highs, with a steady and powerful overall rhythm. As long as there is no volume-driven breakdown of key support during pullbacks, and no consecutive large bearish candles destroying the upward structure, this rally is far from over.

Trading suggestion: Wait for gold to stabilize around $4850 before gradually adding to long positions. The first target is in the $4875-$4885 range. If a volume breakout occurs, continue to watch the $4900 level.