Gold is now at a critical crossroads. On the 25th, spot gold closed at $4472.28/oz. Although it slightly retraced by 0.68 intraday, it held firmly above the important support level of 4430— the bullish technical structure remains intact, indicating that upward momentum is still building.

What will the market do in the next two days? It all depends on these factors:

**On the 25th**, both European and American markets are closed for Christmas, so gold trading is naturally subdued. When liquidity is low, volatility tends to amplify. The good news is that there are no major economic data releases, so technical analysis will be the main driver—this is a favorable situation for bulls.

**The real focus is on the 26th**. The US markets will reopen, and three things to watch are: Goolsby’s comments (he previously hinted that "there is still significant room for rate cuts"), November new home sales data, and Trump’s statements regarding the Federal Reserve Chair nomination—these directly influence rate cut expectations. Conversely, the residual impact of the Q3 US GDP beating expectations with a 4.3% growth rate still lingers, which may conflict with rate cut bullish signals.

**How to operate?** Aggressive traders should continue holding long positions, using 4430 as a base. The first target is directly at 4500, and once broken, look toward 4550. Move the stop-loss to 4450 to lock in profits. For more conservative traders, taking profits at the current price of 4472—selling about half—makes sense, and the remaining position can be set with a trailing stop-loss at 4450 to avoid greed and to not miss out on potential gains.