Gold spot prices continue to fluctuate above 4600 around midnight, with the market repeatedly hitting new highs today, reaching as high as 4641.77. It seems like a strong breakout, but in reality, it's just oscillating within the range—rising from 4630 to 4634 and then to 4639. Each high is higher than the last, but the gains are always limited, and it hasn't broken free from this high-level zone.

From a technical perspective, the bulls are still in the lead, but the familiar rhythm remains—the slow bull pattern of rising two steps and retreating one step. This is also why I emphasized shorting on rallies tonight. To build positions at the top, the main force will first use fake breakouts to lure retail investors into buying, then follow up with a sharp drop to absorb the shares. This routine is used almost every time.

My trading approach remains unchanged. In the short term, focus on buying low and selling high within this range. In the medium to long term, pay close attention to the 4655 to 4680 zone—this is the best window for gradually building short positions. Don't fear being caught in a trap; the main force usually first performs a fake rally, followed by a real decline. If you choose the right timing, this rhythm can be well managed.