Today’s early trading saw gold surge directly, jumping over 90 dollars within two hours, reaching a high of 4601 at one point, and the 4-hour chart displayed a beautiful large bullish candle setting a new high for this phase. The ferocity of this market move has indeed exceeded many people's expectations.

The macroeconomic driving forces are quite clear. The US dollar index fell below the 102 level this morning, hitting a nearly one-month low — which is directly positive for gold. The weaker the dollar, the more valuable gold priced in USD becomes, naturally attracting capital. At the same time, last week’s US core PCE inflation rate slowed to 2.8%, lower than expected, further strengthening market bets on a rate cut by the Federal Reserve in March. US Treasury yields also declined, significantly reducing the opportunity cost of holding gold, causing hot money to flood in.

Let’s not forget the long-term geopolitical risk factor. Uncertainty remains in the Middle East and Russia-Ukraine situations, and global central banks continue to accumulate gold as a foundation. In the short term, around 4600 is a key resistance level; approaching it, one might consider shorting. However, over a longer timeframe, supported by the rate cut cycle and safe-haven demand, the upward trend of gold remains unchanged. In fact, the subsequent pullbacks are very likely to be the golden opportunities for strategic positioning.