Gold has been strengthening continuously since breaking the daily chart level, initially rising and then retracing yesterday, stabilizing around the 4430 line during the US session, and then recovering its losses. Today, it opened by continuing to set a new historical high. It is currently in a strong one-sided rising phase, with trading volume also cooperating. According to the rhythm, the Asian and European sessions should slowly short squeeze and continue to rise, with a retracement correction expected during the US session. However, it should be noted that today is Christmas Eve with an early market close, and tomorrow is Christmas Day with the market closed all day, so the fluctuation space during the US session may be limited. The key will also depend on how high the Asian and European sessions can extend.

Looking at the 1-hour chart, the main characteristics are quick pullbacks and quick recoveries. After stabilizing at 4430 as the secondary low, the hourly line broke through the 4500 high and started a new round of rise. Now 4475 is the support, and 4430 is the defensive bottom line. In the short term, it is a rhythm of consolidating while increasing volume to reach new highs.

This kind of rise without a pullback signal indicates that it is not yet time to consider a peak. In the short term, the main strategy should still be to go long in line with the trend. Wait until there is a real stop rise signal after a peak on the daily or weekly chart before considering when to pull back. Today in the Asian session, the support area for a pullback is around 4480-4475, with the stop point for short positions at 4465. Looking upwards, the target is aimed at the range of 4530-4550.