During the Asian trading session, gold edged higher but remained capped below the key psychological level of $5,200. The current rally in gold is primarily driven by two main factors: geopolitical risk premiums and a period of US dollar weakness. Escalating military deployments in the Middle East, ahead of US-Iran nuclear talks, have reignited market concerns about a potential conflict escalation, boosting demand for safe-haven assets. Simultaneously, pressure on the US Dollar Index is making dollar-denominated gold relatively more attractive. From a monetary policy perspective, the Federal Reserve maintains a relatively hawkish stance. Recent meeting minutes indicated that most officials believe interest rates should not be cut rapidly until there is clear evidence of receding inflation. Fed officials noted that the current monetary policy range remains stable, which, to some extent, limits the potential for a rapid surge in gold prices. However, significant concerns persist regarding US trade policy. The US has already imposed a 10% tariff on most imported goods and plans to increase this further to 15%. Trade friction could trigger supply chain disruptions and expectations of slower economic growth, typically increasing demand for safe-haven asset allocation, thereby providing support for gold. Overall, gold is currently in a state of balance between macroeconomic tailwinds and fluctuations in risk appetite. The underlying upward trend remains intact, although the pace of the ascent has moderated. The daily and 4-hour chart structures for gold continue to maintain a bullish trend pattern. The price has established a significant structural support zone above $5,100, indicating solid defensive positioning by bulls. A key characteristic of the current market's price action is that upward momentum has slowed, but no signals of a trend reversal have emerged. The Relative Strength Index (RSI) is operating around 62, suggesting the market remains in a strong zone but has not entered extreme overbought territory. The MACD indicator shows a gradual contraction in positive momentum, indicating the market is entering a phase of consolidation at high levels rather than forming a top pattern. Short-term resistance above lies near $5,220. A break above this area could see the market test the $5,246 zone. Initial support below is seen at $5,150. A breach of this level might lead to a retest of the $5,100 psychological barrier; a further break below $5,100 could see the price seek buying support around the $5,050 area. Furthermore, gold continues to trade above its long-term moving average system. The 200-period moving average is situated near $4,930, constituting a crucial support line for the medium-term uptrend and affirming that the intermediate-term bias remains bullish. The essence of the current gold market movement reflects the pricing logic of macro risk assets. Geopolitical risks and trade policy uncertainty are reshaping the structure of market risk premiums, moving beyond sole reliance on interest rate trends. While the pace of gold's ascent may slow in the short term, the trend structure has not been broken. Whether gold can advance to higher levels in the future hinges critically on two variables: first, whether geopolitical conflicts escalate substantially; and second, whether the Federal Reserve signals a clearer shift towards accommodative policy. Should both conditions materialize simultaneously, gold could potentially experience an accelerated upward move.