On Monday, the Asian market opened with a big move—spot gold jumped directly by 0.9%, surpassing the $4400 mark. The logic behind this is actually quite straightforward.

Let's start with the most exciting part. Geopolitical tensions have flared up again, with conflicts between the US and China intensifying, and the market's focus suddenly shifting to Venezuela's gold reserves. The ownership dispute over 31 tons of gold has ignited, and central banks' safety concerns have been triggered as well. The United Nations has also urgently convened a meeting, starting at 11 PM tonight, moving at a very fast pace. Risk aversion sentiment naturally flows into precious metals.

But that's not all. The US dollar index has recently hit two-week highs, which is actually suppressing gold prices from rising. Meanwhile, the market is also pondering the Federal Reserve's moves—expecting possibly two rate cuts by 2026, which provides some support for gold bulls. Friday's non-farm payroll data will be a key turning point, directly affecting subsequent policy expectations.

From a technical perspective, 4400 is a clear resistance level. If broken, 4500 is within sight. Support below is at 4300 (20-day moving average). In the past few days, the 4350-4400 range has been a good battleground, offering opportunities for high sell and low buy. Additionally, today there will be the US ISM Manufacturing PMI data at 23:00, which is also worth paying attention to.