From a long-term perspective, gold has indeed entered a strategic allocation window. Global central banks continue to buy in as a backstop, and what's even more interesting is that stablecoin giants like Tether are also stockpiling—in Q3 alone this year, they purchased 16 tons, which is not a small scale even among traditional institutions.

However, being optimistic over the long term doesn't mean you can blindly go all in for the short term. From a technical standpoint, the 4370 level is most likely the recent ceiling. As long as the price stays above 4300, shorting in the current phase is actually a more reasonable strategy.

Last week, I kept highlighting the risk of a pullback, and the key signal is very clear: if the 1-hour RSI and MFI can't break above the upper band, it means the consolidation pattern isn't over yet. Many people are worried about whether certain geopolitical situations might erupt, but think about it—these expectations have long been priced in by the market. Even if something does happen, it's more likely to trigger short-term profit-taking rather than a mindless rally. So at this stage, a bearish approach is justified. #比特币对比代币化黄金 -type tokenized gold assets can also serve as observation targets.