What exactly are the key driving forces in the current gold market? In a word — the Fed's March rate cut expectations are cooling down continuously. U.S. economic data and employment performance remain quite resilient, while inflation stickiness still exists. This combination of data directly influences the volatility rhythm of gold.

Don't overlook the safe-haven sentiment either. The situation in the Red Sea and Middle East conflicts remains tense, providing sustained safe-haven demand support for gold. Seeing a deep correction is basically unlikely. Plus, with the risk warning from the Shanghai Gold Exchange issued, market capital sentiment has been noticeably disturbed.

How to interpret the technical outlook? The Bollinger Bands indicate that we are still in a short-term consolidation pattern, with limited downside space. 4570 is a strong support level, while the resistance zone is mainly between 4610-4630.

What specific strategies should be employed? For a bullish stance, consider building positions in batches within the 4570-4580 range, with a stop-loss set below 4560, targeting 4600-4620. If broken, then look for further gains toward 4630-4640. For a bearish approach, consider entering lightly when facing resistance at 4610-4630, with a stop-loss above 4640, and targets around 4600-4590.