From a fundamental perspective, the recent direction of Federal Reserve policies has become an important driver for gold prices. The market widely expects the Fed to initiate two rate cuts next year, which provides considerable room for imagination for precious metals. Meanwhile, geopolitical uncertainties are also fueling the market, further stabilizing expectations for subsequent easing cycles, leading to a rebound and rally in gold prices with positive daily candles.

It should be noted that short-term pullbacks are not signals of a trend reversal. From a trading perspective, these profit-taking lows actually create better entry opportunities for further bullish positions.

On a monthly chart, gold prices have been continuously rebounding and reaching new historical highs. If this level can be maintained this month, it will not only dispel the bearish expectations of a top formed by long upper shadows in October but also open up broader bullish market space. In the medium term, attention can be given to targets above $5000.

On the daily chart, although a top formation with oscillation was seen on Wednesday, indicating a risk of short-term pullback, the overall trend remains in an upward trajectory. Multiple moving averages below provide support, and if a pullback occurs, these moving average levels will become important entry points for long positions.

Technical operation suggestions: Focus on support around $4430 or $4400; be alert to resistance levels near $4500 or $4530.