Gold continued its upward momentum from last night this morning, opening with a surge and reaching a high of $4,967.42 per ounce. Currently hovering around $4,953, it repeatedly tests this high, just shy of the $5,000 psychological level.

That wave of market movement last night was indeed fierce. Geopolitical tensions, a surge in safe-haven buying, coupled with market expectations of a possible rate cut by the Federal Reserve in March, and a weakening US dollar index—all these factors stacked together sent gold soaring. Escalating trade tensions further fueled continuous inflows of safe-haven funds into the gold market. From a technical perspective, the price has already broken through the upper band of the Bollinger Bands, and the MACD histogram continues to expand in the red, indicating that the bulls are indeed strong.

After the opening, there was no significant pullback; instead, the price consolidated strongly at this high level, which shows that the bulls still hold the dominant position, and buying interest remains solid.

In terms of support levels, 4900 is the key support today, with another support at 4880 below. If the price dips back to these levels and stabilizes, it could present another opportunity to go long. On the upside, 4950 is the critical level today; breaking through it could target 4970, and beyond that is the psychological barrier of 5000. Once the 5000 level is breached, it may trigger a new round of buying frenzy.

However, this rally has been somewhat rapid, and a short-term technical correction is accumulating. Don’t just chase the highs; a better approach is to patiently wait for a pullback and position at lower levels. Although the bullish trend is clear, as long as the 4880 support holds, the upward pattern remains intact. Getting the direction right makes the effort more effective, but it’s also important to respect the rhythm and avoid impulsiveness.