This week's performance of gold can be described as a textbook-level breakthrough rally. In the first half of the week, it directly "launched a big move," and in the second half, it repeatedly confirmed at high levels. The overall rhythm is typical: breaking through key levels → reaching new highs → oscillating repeatedly at high levels. Once the bulls taste success, they buy on every dip, pushing each correction back up.

The essence of the surge in precious metals is actually quite clear— the market is doing one thing, which is "accumulating a sense of security." As expectations for interest rate cuts continue to decline, the opportunity cost of holding gold decreases accordingly, which is naturally positive for precious metals. The more tense the geopolitical situation, the more funds are willing to flock into gold, since it won't default or be unstable. Meanwhile, central banks and large institutions around the world are continuously allocating gold, and this "long-term order" effect is hard to break through short-term fluctuations.

Other precious metals like silver have surged even more, mainly because of the combined effects of speculative capital and supply-demand expectations. These kinds of assets are more easily driven higher by overly bullish sentiment, but the risks are also relatively greater.

It is worth noting that a rapid rise does not mean there won't be corrections later. Short-term volatility may increase, and chasing the top carries higher risks. Conservative traders usually prefer to "wait for a pullback" rather than blindly chase the peak. The Christmas holidays in Europe and the US this week have also impacted liquidity to some extent. Moving forward, continued attention should be paid to the Federal Reserve's policy directions and the actual progress of international situations.