#数字资产市场动态 January 20 Morning Gold Market Quick Read｜Gold surges past 4700, are bulls or bears in a tug-of-war?

Good morning everyone. Yesterday morning, gold opened with a gap up of nearly 100 points, and the expected pullback did not occur. Instead, it consolidated strongly to digest the pressure, showing a "rise without turning back" rhythm that indicates the bulls' control is indeed in place. From midnight to early morning, gold gained momentum again, rising to around 4680. Although there was a slight pullback afterward, it remained firmly near the high levels, with a clear bullish pattern.

Looking at the driving factors, geopolitical tensions and rising tariff expectations combined to push gold through resistance. As the market moved upward, trading volume also increased, with capital inflows accelerating, and bullish enthusiasm rising steadily. Over a longer timeframe, the safe-haven attribute of gold is becoming more prominent. Global central banks continue to increase their gold reserves, and the Fed's rate cut expectations are fermenting and heating up. The downward trend of real interest rates has been confirmed. These factors together have laid a solid foundation for gold's rally. One point to note is that liquidity tends to tighten around the year-end, which may amplify short-term volatility. However, this does not change the overall bullish trend. Any pullback should be seen as an opportunity for those looking to position.

Technical reference: Gold seeks support around 4450-4460, with a defensive level set at 4640, targeting 4680-4700. If it breaks upward, it could go toward 4720-4730. Conversely, if the rebound is suppressed around 4680-4690, short-term positioning can be considered, with a stop-loss above 4700. Pay close attention to the performance around 4660; if it breaks further, check the support around 4600.

(The above is only personal analysis and sharing for reference. It does not constitute investment advice. Please manage risk carefully and participate rationally.)

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