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January 20 Midnight Gold Market Analysis: After the gold price surged above 4690, long upper shadows appeared frequently, indicating that the bullish momentum is weakening.
The current situation is that profit-taking is accumulating heavily, coupled with the increasing demand for year-end fund repatriation, making it very likely in the short term to see a pattern of "first smashing the bulls then pushing higher." The bearish signals are quite clear, and the probability of the main force shaking out traders to induce long positions is rising, so caution is advised.
Gold Trading Suggestions: Consider short positions in the 4675-4685 range, with a stop-loss set above 4695. The downward targets are respectively 4650, 4630, 4600, 4550, and 4530, with each target suitable for partial profit-taking.