Gold is currently fluctuating at high levels, with the Federal Reserve's rate cut expectations still supporting the bulls, but profit-taking selling has indeed intensified volatility. During this period at the beginning of the year, liquidity was gradually recovering, and although the trend hasn't broken, rapid surges followed by quick pulls back are common. The short-term rebound of the US dollar is also putting pressure on gold, but this doesn't constitute a long-term negative factor.

From the market perspective, gold remains within the correction zone of the medium-term upward channel, with no signs of reversal yet. The short-term is just oscillating there, with clear key support and resistance levels. The best approach is to trade within these ranges around support and resistance, avoiding chasing highs or panicking at lows.

A pullback to the support zone of 4320-4330, as long as it stabilizes and shows signs of a halt in decline, can be used to gradually build long positions, targeting 4380-4400. If the previous high is broken, holding onto the position is also possible. Place stop-loss below 4280; if it falls below, abandon the bullish outlook.

For short positions, the opportunities are limited to two scenarios: either encountering resistance and turning back at 4380-4400, or the 4320 support being effectively broken. In these cases, try shorting with a target of 4280-4270, with stop-loss set above support and resistance levels.