Good morning, all investment banks! In the blink of an eye, many places have already started to cool down, and even snowflakes are beginning to fall. So how much longer can the frenzy of gold prices continue to rise?

Recently, due to international geopolitical influences and the increasing risk aversion sentiment, gold prices have continued to strengthen, reaching new highs in a long rally!

From the market observation, after hitting a new high of 4690 yesterday, gold has maintained a narrow range of high-level fluctuations and has not seen a new breakthrough. This indicates that, in the short term, the 4690 level is somewhat resistant.

Therefore, at this point, it is no longer wise to blindly chase long positions unless there is a gap-up opening again today, with a strong breakout and stabilization above 4690. Until an effective breakout is achieved, this level can serve as a defensive line for short positions, and traders can consider shorting opportunities. The support targets below are 4660, 4653, and 4640.