I have recently analyzed gold prices, and this market movement is quite interesting. After breaking the $5,000 mark at the beginning of the year, it has recently pulled back, with market sentiment switching back and forth.

From a fundamental perspective, the Federal Reserve has been making significant moves. News about the new chairperson has impacted gold prices, and the dollar has rebounded accordingly, causing gold to fall from a high of $5,595 to around $4,891. However, some analysts believe this is just a technical correction, and the logic driving precious metals higher remains—long-term dollar depreciation, Middle East geopolitical risks, and worsening US employment figures all support gold prices.

On the technical side, independent analyst Wu Di points out that $5,056 is a key watershed this week. Currently, the price is below this level, indicating that bears still have the advantage. However, some voices believe that although short-term volatility is intense, the upward trend is not over; instead, it may be a normal correction.

Interestingly, major investment banks have divided opinions on the future outlook. Some see $6,000, while others even forecast $7,100. On the silver side, more aggressive forecasts are emerging. Citibank has raised its 3-month outlook from $100 to $150, and some analysts say silver has entered the three-digit era, possibly heading into uncharted territory.

However, caution is advised in the short term. US data releases are dense this week, and combined with a significant decrease in CME positions, market participation has declined, increasing the likelihood of continued volatility. Support levels are around $4,440, with resistance in the $4,900–$5,000 range. Whether the price can re-establish above this level is crucial.