Gold has indeed shown some promising momentum recently. Yesterday, it surged straight from 4428 to 4499, a rise of over 1%, and is now steady around 4490.

Why did it rise? It’s driven by a few key factors: global geopolitical tensions are unstable, prompting institutions to hoard gold as a safe haven; expectations of a Fed rate cut are heating up, putting pressure on the dollar and naturally boosting gold prices; central banks are still increasing their gold holdings, and with the Spring Festival and Indian wedding season approaching, physical demand is picking up. More importantly, institutions are very optimistic about gold prices this year, setting target prices at 4538, with some even suggesting it could surge to 5000.

From a technical perspective, the key support level has now shifted to the 4480-4485 range. As long as it holds here, bulls still have a chance to push through 4500, and once broken, the next targets are 4510-4520. The one-hour chart still shows a continuous upward trend, and the correction space is indeed limited. But don’t get complacent—if it falls below 4480, it may enter a correction phase.

Friends looking to participate can consider going long within the 4480-4490 range, with a stop-loss below 4473 for safety. Keep an eye on the 4520 target; if broken, hold on and continue to hold your position.