Enze: The US-Iran situation continues to escalate, with safe-haven buying supporting gold prices. Short-term volatility remains biased to the upside.

As the US-Iran conflict further intensifies, market risk aversion has significantly increased, becoming the main theme driving gold prices this week. In Asian markets, gold prices surged to near the 5400 level before pulling back slightly, maintaining a high-level oscillation pattern with a bullish bias.

Middle Eastern geopolitical risks continue to ferment, with concerns that the conflict could expand further, prompting capital to flow rapidly into gold for safety. Meanwhile, expectations of Fed rate cuts and a weakening dollar have combined to provide multiple positive supports for gold prices, keeping the medium-term upward trend steady. Although there is some short-term profit-taking pressure, solid support levels below limit the downside, making a significant correction unlikely.

Currently, the market is consolidating at high levels, with the overall trend still leaning upward. Key support zones have risen to 5300-5280, with a low probability of breaking downward; resistance is concentrated around 5420-5450. If geopolitical tensions worsen further, gold prices may break through this range, opening up a new upward space.

Operationally, it is recommended to maintain a dip-buying strategy, waiting for prices to fall back to the 5310-5330 range to enter positions gradually, targeting 5420-5450. Once broken, holding can continue. Until geopolitical tensions significantly ease, gold prices are expected to maintain a volatile upward rhythm, with trend-following trading as the main approach.