Time flies. 2025 is about to end, and 2026 is right in front of us. Looking back on this year's market performance, silver and gold took turns leading the charge, with each rally more outrageous than the last. As early as September, we were optimistic about a comprehensive bull run in precious metals, with silver exceeding our expectations in particular.

This morning, gold surged from 4520 but faced resistance and retraced to around 4445. By the afternoon, we already advised paying attention to this retracement level. The short-term trading strategy is very clear: if we hold the 4445-4450 range, we can take a small long position, targeting around 4493-4499. Once reached, take profits and switch to a short position.

If gold breaks above 4500, short positions should be closed immediately, and wait for a rebound to around 4510 to re-enter short positions, continuing to look for a pullback. The overall direction remains to short at high levels, and small bulls need to be especially cautious of risks. If the support at 4442 is broken, a deep shakeout is very likely tonight, with a direct drop toward 4400 or even lower.

Although from a larger cycle perspective, the bullish trend in precious metals is not over yet, and buying on dips remains the strategy. However, this is also the time for monthly and yearly candles to close, so we must guard against significant pullbacks caused by profit-taking. The key is not to chase longs at high levels; patience is essential. Wait until the correction is complete before making new positions.