Based on the current fluctuations in gold prices, the gold market is at a critical juncture. In the long term, the structural factors driving this bull market (central bank actions, monetary credit revaluation) have not disappeared. However, in the short term, prices have already factored in a lot of optimistic expectations and may be very sensitive to any marginal weakening of positive factors or a rebound in risk appetite.

For market participants, it will be necessary to closely monitor several key variables in the future:

Global central banks' gold purchase data: whether it continues, especially the movements of major buyers.

U.S. monetary policy path: subtle changes in inflation data and the Federal Reserve's stance.

Geopolitics and global trade environment: whether tensions escalate or ease.

U.S. dollar index trend: although the correlation has weakened recently, it remains an important influencing factor in the long term.

The future trend of gold is likely to be a repeated tug-of-war between a long-term upward trend and short-term sharp corrections, rather than a simple one-way movement.