Yichen: Gold prices break through 4800, and a new major upward wave officially begins!

From a technical perspective, the four-hour Bollinger Bands are widening significantly to the upside, with gold prices strongly breaking above the upper band resistance. The KDJ indicator is also entering the overbought zone, confirming a complete bullish trend. Short-term resistance at the upper band has failed, and the price is entering an accelerated upward phase. Domestic Gold T+D is also rising by 3.11% in sync, indicating strong market bullish sentiment.

On the news front, Middle East geopolitical risks continue to escalate, with tensions in the Strait of Hormuz intensifying market risk aversion. Meanwhile, China’s central bank has increased its gold holdings for the 17th consecutive month, providing solid support for gold prices amid ongoing global central bank gold buying. Additionally, expectations of a rate cut by the Federal Reserve are rising, and a weakening dollar further boosts gold prices.

Recommendations:
Buy in stages around 4765-4785 on pullbacks, with targets at 4850 and 4880. If broken, continue to look higher.

Disclaimer: The above analysis is for reference only and does not constitute investment advice. Operate at your own risk. $XAU