Goldman Sachs analyst Ankush Gupta noted that the gold market's "short squeeze" is evolving into a more sustainable upward structure, with macro signals and technical factors resonating in sync, providing support for the next phase of gold price appreciation. On the macro front, gold's movement is almost perfectly aligned with the Federal Reserve's interest rate expectations and has begun tracking the movements of ultra-long-term Japanese interest rates again. Technically, gold recorded a strong bullish candlestick after a recent small flag consolidation, with the 21-day and 50-day moving averages forming a bullish cross. Funding data from Bank of America shows that gold inflows recorded their largest single-week record since January this year, and this rally has been dominated by Chinese capital, with Asian exchange participation jumping to around 50%, forcing short covering. Gupta set $4,500 as a key resistance level for gold.