Gold performed strongly this morning, but after reaching a high, it started to consolidate. Bulls and bears repeatedly tugged at the key level of $4400, neither side able to fully dominate the other.

A series of positive news in the early session pushed the price directly up to around 4421, seeming ready to surge. But what happened next? Profit-taking began to emerge, and the price reversed and retreated, entering a high-level oscillation mode. This rapid rise followed by volume contraction and consolidation is almost identical to the trend during the last few trading days of last year. The market operates this way—regulatory patterns tend to repeat.

From the weekly chart perspective, although the medium- to long-term bullish structure remains intact, there is indeed some adjustment pressure. Geopolitical tensions (such as issues in Venezuela) occasionally surface to stir the market, amplifying short-term volatility and causing the price to bounce within a range. This makes trading quite troublesome for traders.

Currently, the news environment is relatively calm, but future developments need close attention. Don’t get too caught up in short-term ups and downs; whether the trend can continue is the key—otherwise, it becomes a "single-wave" market, making it hard to earn significant profits.

In terms of trading strategy, use 4400 as a dividing line:

**Above 4400**: If the price stabilizes above 4400, consider placing short-term long positions near recent lows, with targets first at 4435-4450. If a breakout occurs, 4480 and 4520 are within sight.

**Below 4400**: If the price falls below 4400 and stabilizes, consider short positions targeting the 4330-4335 range. The 4300 level and the upward trendline are key supports; you can try to buy near the trendline, but if it breaks, stop-loss is necessary.