The recent performance of the precious metals market is worth paying attention to. International spot gold has broken through $4630/oz to reach a new high, with an increase of over 6% year-to-date. Domestic Shanghai gold contracts are also following suit, with prices above 1046 yuan/gram, and both trading volume and open interest steadily increasing.

Why is gold so strong? Several forces are driving it. First, geopolitical uncertainties—the Middle East situation is still fermenting, and various risk events occasionally emerge, keeping investors' demand for safe-haven assets high. Second, global central banks are changing strategies. Between 2022 and 2025, central banks worldwide net purchased over 4200 tons of gold, with last year's purchases hitting record highs. The former U.S. debt and dollar reserve system is loosening, making gold increasingly important. Third, the Federal Reserve's policy expectations are shifting. The market is beginning to anticipate possible rate cuts in 2026, coupled with the dollar's depreciation pressure, making gold a "hard currency" to hedge against inflation and exchange rate risks, naturally making it very attractive.

From the chart perspective, the current high-level oscillation is actually a rebalancing of funds, not a trend reversal. The structural characteristics are clear—rising is easy, falling is difficult, and the overall pattern remains bullish.

How to operate most comfortably? Don't rush to chase the high; patience is the most important. Wait for a pullback before entering, which can help avoid being caught at the top. The key support levels are roughly around 4580 to 4593, and below that is the 4570 to 4575 range. As long as the 4570 level holds, the overall trend remains bullish. On the resistance side, pay attention to the 4650 to 4658 area.

The specific approach could be: consider going long around 4595 to 4613; if a pullback occurs to around 4575, add positions; target initially at 4635 to 4645, and if broken through, aim for 4660 to 4680. The key is to follow the trend and avoid counter-trend chasing, which is currently the most stress-free trading method for gold.