Gold trends have been quite fierce over the past two days. From yesterday's rally extending into today, it started gradually rising from the 4685 level in the morning, then accelerated during the midday session, reaching a high of 4750. However, it then began to lose some momentum and is now fluctuating around 4738.

The driving force behind this rally is quite clear. On one hand, the market is trading on expectations of a Fed rate cut in March, which puts pressure on the US dollar, and gold, as a dollar-denominated asset, naturally benefits. On the other hand, geopolitical uncertainties persist, maintaining a risk-averse sentiment. Institutions and investors are piling into gold. Additionally, with US stocks oscillating at high levels, some funds are shifting into precious metals, creating a strong upward momentum.

From a technical perspective, the hourly chart has effectively broken through the previous consolidation range, and the upward trend is quite clear. However, there is a problem—at the 4750 level, trading volume has historically been very high, with significant selling pressure accumulating. The most active trading zone is right here, making it challenging for bulls to push higher. More importantly, technical indicators are now showing signs of overheating, with the gains slightly ahead of the fundamental pace, and the risk of a short-term correction is gradually increasing.

In terms of trading strategy, you can consider looking for shorting opportunities in the 4755 to 4765 range, with the first target around 4710. If this support level is broken, the next level to watch is 4680.

Trading ultimately is a psychological contest. It's normal to have profits and losses; the key is not to panic because of short-term fluctuations. Stay steady, and time will ultimately give the answer.