Geopolitical tensions combined with expectations of interest rate cuts have pushed both gold and silver into historically high ranges. Monday's market movement was fierce — I previously pointed out the safe-haven logic for gold at 4326, and now the price has skyrocketed to a new record of 4420.

There is indeed support behind the rebound in gold prices. Spot gold has reached a new high, and institutions are generally optimistic about the upward potential for next year, with the basic scenario targeting $4,900 per ounce, and there is a risk of breaking above. Interestingly, a large number of ETF investors have begun to compete with central banks for the limited supply of gold—this reflects how strong the market's demand for precious metals as a safe haven is.

From a technical perspective, the four-hour chart is currently around 4410, and the K-line has broken through the previous high. The earlier new high of 4380 has turned into a support level. To be honest, this part of the technical analysis doesn't need to be overly complicated; the key is to wait for a pullback. If the price falls back to the 4380-4375 range, that would be an excellent opportunity to go long. The target is set at the 4452 position, and this momentum is expected to continue upward.