The latest U.S. inflation data showed a slight decline, cooling expectations for Federal Reserve policy tightening. Combined with safe-haven demand from geopolitical tensions, this provides sustained upward momentum for gold prices, leaving the broader bullish structure intact.

On the technical side, spot gold is currently trading near $4,428. The daily chart shows a steady climb with consecutive bullish closes, while the 4-hour uptrend channel remains intact. The short-term action appears to be a minor consolidation phase within the broader uptrend.

Key levels to monitor include short-term support between $4,408 and $4,415, which serves as the core intraday buying zone. A stronger defense level sits at $4,398; a break below this could slow the short-term bullish momentum. On the upside, the first resistance area is $4,440 to $4,450, and a break above this could open the door to test the previous high.

The primary strategy is to trade with the trend, favoring long positions on dips. When the price pulls back and stabilizes within the $4,408 to $4,415 support zone, traders can consider entering a small long position, with a stop-loss placed below $4,395. The first target is $4,438, with a move toward $4,470 or higher for partial profit-taking. Short positions should be approached with caution; without a clear breakout above the $4,440 resistance, it is not advisable to bet on a reversal against the trend. Risk management is critical, as sharp price spikes during rallies can lead to frequent whipsaws. Every trade must include a strict stop-loss, avoiding heavy positions or holding through losses. Small, trend-following positions are the key to long-term success.