Gold prices have stabilized after a pullback, and the short-term outlook remains bullish.

After experiencing a previous pullback, gold prices have gradually stabilized and returned above the short-term moving average. Market sentiment has been regrouping amidst a complex geopolitical situation and policy expectations, and the short-term trend may continue to show strong fluctuations.

The main logic supporting the bullish outlook currently focuses on three aspects:

1. Although there are signs of easing in the geopolitical situation (such as a softer stance from the US and Iran), military warnings and the risk of long-term conflict have not been eliminated, and risk aversion remains;

2. Expectations for a new round of tariffs in the US are heating up, with the Trump administration sending strong signals, and policy uncertainty may continue to boost safe-haven buying;

3. From the perspective of the Federal Reserve, the market expects future monetary policy to lean towards easing, combined with the new chairman's preference for low interest rates, leaving room for thoughts of medium to long-term rate cuts.

From a technical perspective, gold prices have strengthened again after testing the 30-day moving average and the support of the upward channel. Although there is pressure from profit-taking in the short term, the trend direction still leans bullish. Pay attention to economic data and speeches from Federal Reserve officials during the day; if dovish signals are released, it may continue to boost gold prices.

In terms of operation, one can maintain the strategy of placing long positions at retracement support. Pay attention to support around $5190 and $5120 below; watch for resistance in the $5290 and $5370 region above.

The market has risks, and caution is needed when entering. Maintain the rhythm and wait for the trend to validate. $BTC #特朗普新全球关税 $XAU