**Market Overview**

Gold has completely broken free from the repeated tug-of-war between 4300-4400 and has firmly stabilized above 4400. From a technical perspective, a standard bottom reversal pattern has been completed, and after oscillating up and down, bullish momentum is beginning to accumulate. The target of 4600 is gradually becoming achievable as conditions mature.

**Why is the rally so rapid?**

A sudden surge in risk aversion sentiment. The US airstrike on Venezuela and the arrest of its leader have directly stirred the market. Additionally, recent remarks by Trump regarding Greenland and Mexico have added to the turmoil. Meanwhile, weak US manufacturing data has compounded these factors, pushing gold prices higher and higher.

**Underlying Long-term Support**

Last year, gold rose by 66%, which is no coincidence. Geopolitical tensions combined with the Federal Reserve's rate cut cycle have created a very strong bullish environment. Currently, the market is still hoping for further rate cuts, with central banks and gold ETFs continuing to increase their holdings, providing long-term support for gold prices.

**Technical Analysis**

Yesterday's large bullish candle closed above 4470, and both the Bollinger Bands and RSI on the daily and 4-hour charts confirm a bullish trend. There is still room for this upward momentum to continue.

**Trading Strategy**

Short-term bias is bullish, with a focus on buying on dips and reducing positions at higher levels. If gold can stabilize around 4460-4470 after a pullback, short-term targets can be set around 4520-4540.