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The geopolitical situation at the beginning of the year continues to exert pressure. Tensions between Iran and the US are escalating, and the Greenland sovereignty dispute is ongoing, all supporting the gold price. Additionally, the Chinese central bank has been increasing its gold holdings recently, and the global central banks' enthusiasm for gold remains strong. Although the Federal Reserve has temporarily paused interest rate cuts in the short term, expectations for easing in the long term still exist. The gold price can be said to benefit from multiple positive factors stacking up.
From a technical perspective, on the daily chart, the 4550-4600 range has formed a strong support base, and the weekly chart remains in a bullish arrangement without being broken. The recent decline is just short-term profit-taking and does not change the overall upward trend. Every pullback is met with buying interest, and the upward trend remains under control.
If you want to go long in the short term, you can consider entering around the 4560-4580 range, with a stop loss below 4550. The recent target is stuck at 4650, with a medium-term outlook toward 4700. The key is to seize the support levels to hold positions in line with the trend, while strictly managing risk—avoid greed and take profits when the time is right.