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: Whether rate cuts come early or late, the downward trend in real interest rates is a consistent and strong support for gold. Geopolitical safe-haven sentiment normalizes: Capital allocation demand for gold only increases and remains persistent. Technical structure: The 4-hour ascending channel is intact, with each pullback being supported by buying. The 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, every 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