Gold experienced a unilateral surge today, breaking through resistance levels early in the session, and in the afternoon, it even reached a new high of 4630. The intraday increase exceeded 170 points, indicating that the bullish momentum still appears strong. However, interestingly, after reaching the high, it started to stall within the 4620-4630 range, and the trading momentum clearly weakened towards the close.

The behind-the-scenes driver is quite clear— the University of Michigan Consumer Sentiment Index for January did not meet expectations, which directly boosted expectations of rate cuts, causing the US dollar to weaken and gold to take the opportunity to rally. It sounds like the bulls are united, right? But later, hawkish comments from Federal Reserve officials pulled the dollar back, which started to put pressure on the gold bulls.

Although the safe-haven demand is still present, the geopolitical tensions in the Middle East are weakening, and the market has already digested many risks. Meanwhile, gold ETFs are also slightly reducing their holdings, indicating that the bulls who bought at high levels are quietly trimming their positions. Market sentiment is diverging, and the confrontation between bulls and bears is becoming more apparent.

From a technical perspective, the 1-hour candlestick chart shows a stair-step upward pattern, and the moving averages are aligned in a bullish configuration. However, this signs of stagnation cannot be ignored. If no new catalysts emerge, it may be difficult to break through higher levels. In the short term, focus on the resistance in the 4635-4645 area. If a rebound continues, stop-loss can be placed above 4660. The targets are 4580 and 4550.

Gold's trend is like life— it won't always surge higher nor always oscillate. When the market is at its craziest, it's better to stay calm. When a turning point appears, decisive action is needed. Professionalism and patience are the secrets to surviving longer in the market.