Market Gold Trend AnalysisGoldOANDA:XAUUSDacqeqfI. Core Drivers (Main Reasons for Rise) Geopolitical safe-haven (strongest driver): Tensions in the Middle East (Israeli airstrikes on Iran) have attracted safe-haven capital inflows. Weakening US dollar: The US Dollar Index fell below 104 and US Treasury yields declined, boosting gold’s appeal. Rate cut expectations: Markets expect 2–3 Fed rate cuts this year, reinforcing expectations of lower real interest rates. Central bank gold purchases: Global central banks continue to increase holdings, providing firm long-term support. II. Trend Judgment Short-term: Strong high-level oscillation; the breakout above 5250 confirms strength with limited pullback room. Medium-term: Oscillating upward, supported by rate cuts, central bank purchases and geopolitical risks. Risks: Easing geopolitical conflicts, US dollar rebound and concentrated profit-taking may trigger a rapid correction. III. Entry for Empty Positions Buy in batches on pullbacks to 5200–5230 USD, go long