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1.23 Gold Morning Review
Expectations of Fed rate cuts in March are rising, putting pressure on US Treasuries and the dollar; geopolitical tensions and stock market volatility are driving safe-haven funds into the market; a weakening dollar supports gold, with technical breakthroughs solidifying the bullish trend.
Technical Analysis: The hourly chart shows overbought conditions but limited pullback; the 4-hour Bollinger Bands are opening upward; the daily MACD shows increasing red bars; moving averages are in a bullish arrangement, and after consolidation, an upward attack is imminent. The bullish momentum in gold continues, with high-level oscillations during the day indicating strong accumulation, maintaining the primary upward trend.
Trading Suggestions:
Rely on the support at 4940-4950 to go long, with a target of 4970, as the push towards the 5000 level is within reach.