The current bullish momentum in the gold market can be described as quite fierce. Not only has it successfully broken through a new all-time high, but it has also formed a clear gap, and the signals released by this price action are very strong.

In the face of such a market, traders need to be most cautious about over-leverage. Increasing position sizes in the forex market is akin to playing with fire; once a counter-move occurs, it could lead to immediate liquidation. Managing risk is the key to surviving longer.

From the current trend, the upward momentum remains strong, but this does not mean you can be complacent. The market always presents opportunities while hiding traps, so it is necessary to prepare for potential pullbacks in advance.

According to Fibonacci retracement theory, XAU still has considerable room for upside. The 1.618 level corresponds to a price of 4719, while the 2.618 level points to 4992. However, frankly speaking, with such high market enthusiasm, a direct surge to 5000 is entirely within expectations. The key is to control the pace and find a balance between risk management and opportunity capture.