**Market Overview**

Gold opened sharply lower today but quickly rebounded, reaching a high near 4634 at one point during the session. Currently, it is oscillating around the 4611 area. From the overall pattern, bullish sentiment remains relatively strong. Although there was some pullback towards the end of the session, it did not break the upward structural framework.

**Fundamental Developments**

The US December CPI data released today met expectations, easing some market concerns about inflation. The market consensus for a March rate cut remains relatively stable. Tonight’s US retail sales data will be crucial—if the reported figures are weaker than expected, it will further reinforce expectations of a rate cut, which is clearly positive for gold; conversely, if the data surpasses expectations strongly, the market may reassess the possibility of rate hikes, putting short-term pressure on gold. Additionally, geopolitical uncertainties and concerns over slowing global economic growth continue to support gold’s safe-haven demand.

**Technical Analysis**

Price is trading within the middle to upper band of the Bollinger Bands, which are opening upwards, indicating that the short-term trend still leans bullish. Gold prices are stable above the middle band, which is gradually flattening and showing signs of rising. Support levels below are relatively clear. The MACD remains in a bullish crossover above the zero line, although the bullish momentum has weakened compared to earlier, with no clear signs of exhaustion yet.

Support below is around the 4590-4600 range. Resistance first targets today’s high of 4634. If this level is broken effectively, the next challenge will be at 4650.

**Trading Suggestions**

Consider going long on pullbacks around the 4600-4605 range, with a stop-loss below 4590, and initial targets between 4620-4635. If the price does not pull back and breaks above 4635 directly, follow the trend with a small position, adjusting the stop-loss to below 4625, and aim for 4645-4650.