The logic driving this round of collapse is [Eagle King's nomination ---> expectations of tapering ---> Bessenet's call for a 'strong dollar'].
But the phrase 'always supporting a strong dollar policy' is not something that can be easily realized. The U.S. is currently creating chaos everywhere, essentially hoping to make the world use more dollars and buy more U.S. Treasury bonds, but in the end, it has backfired, prompting other countries to increase their gold reserves as a hedge.
1. The current view on gold is a mid-term converging volatility; the volatility is too large right now, so wait for it to contract before gradually building long positions.
2. Of course, you can play short-term PVP now; if there is a crash, you can buy the dip. Today, the original plan was to buy the dip if there was a decline, but it seems to have rebounded early. Just be aware of the risks; there is a descending track (blue line) above, and it’s best not to chase the long position right now.
3. The strong support zone below is between 4500 and 4600 (PAXG), and the Fibonacci support level is approximately near 4550, which is also the previous high point. It is expected to be unlikely to fall below this range.
4. A truly robust long position should wait for volatility to contract! Alternatively, one could directly buy the dip if it falls to the red line zone and below.
