Spot gold once reached $2,740 per ounce during the session, setting a new record high, but due to the rise in the US dollar and US Treasury yields, it gave up all its daily gains in the US session, falling as much as $20 from its daily high, and ultimately closed down by 0.07%, at $2,719.82 per ounce. Currently, it is at the 2,728 level, consistent with my prediction, and 2,720 is a key level; the current market will not deviate from 2,720.

In terms of news, the US Dollar Index (DXY) crossed the 104 level for the first time since August 2nd, rising more than 0.5% during the day, and the 10-year US Treasury yield closed at 4.2060%, up by 0.2 percentage points from the previous day. The increase in the US index and US Treasury yields was also the main reason for the price's retreat after touching a high of 40 yesterday.

The European Central Bank announced a rate cut of 25 basis points last night; US retail sales increased in September, strengthening expectations that the Federal Reserve will cut rates at a smaller pace over the next year and a half. Federal Reserve's Logan indicated that if the economy meets expectations, a gradual rate cut is expected. Citigroup raised its gold price forecast for 0-3 months to $2,800 per ounce (previously forecasted at $2,700 per ounce). In the Middle East, Israel is ready to attack Iran at any time, intensifying concerns about an escalation of the situation.

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From the hourly K-line perspective, influenced by the rise in the US index and US Treasury yields, the previously surging market experienced a slight pullback. However, after today's opening, the decline has stopped, and there is currently a trend of recovery. From the chart, this round of downward momentum is insufficient, and the fast and slow lines have a trend of crossing again to form a golden cross. The MACD energy column is rapidly rising and approaching the 0-axis, indicating that the market will continue to rise, and it is expected that the intraday market will return to the 2,730-2,740 range.

Looking at the long-term from the daily K-line, the Bollinger Bands are in an expanding trend, and the upward trend after the golden cross has not shown any signs of turning. The energy column is on an upward climb, and it is expected that gold will continue to rise, eventually reaching the end of this round of the rise near the triangle trend's endpoint at 2,760.

Combining the above analysis, the short-term market may return to 2,740 next, and it is recommended to set the profit-taking at 2,735 and the stop-loss at 2,723. The long-term upward momentum is currently strong, and considering the current geopolitical and economic situation is not optimistic, with rising safe-haven sentiment, it is expected that gold will continue to climb, and 2,760 may be the endpoint of this round of the rise. Profit-taking can be set at 2,750, and the stop-loss position can be set at 2,715.