The Fed's rate cut expectations continue to heat up, with the market generally betting on the start of an easing cycle within the year. Coupled with a weakening US dollar index and a steepening US Treasury yield curve, this provides a solid underlying support for gold prices; at the same time, the ongoing global geopolitical tensions, along with structural demand from various central banks increasing their gold holdings, further reinforce gold's safe-haven attributes and allocation value, making it a "ballast" for its price stability.

From a daily chart perspective, the moving average system is in a bullish alignment, with a stable trend structure and no obvious top signals at present. Future operations should mainly focus on buying on dips.
Recommended gold levels: buy in the 4610, 4600 range, with a target of 4660, and continue to look for a breakthrough towards 4700!