Gold "Short Squeeze" Enters Second Phase: Macro Signals and Technicals Align, $4,500 Becomes Key Resistance

Analysts note that gold's technical 21-day and 50-day moving average bullish crossover is confirmed, with macro factors aligning with Fed rate expectations and Japan's ultra-long-end yields. Chinese capital dominates this rally, with Asian exchange participation surging from single digits to 50%, while Western bulls are also returning, driving gold inflows to a weekly record high for the year. $4,500 emerges as key resistance, with options strategies potentially offering better cost-efficiency.