#美国核心物价涨幅不及市场预估 1.20 Gold Market Brief Analysis: High-level Fluctuations Difficult to Break, Pullbacks Favor Long Positions

Spot gold faces resistance around the $4700 mark, and on the daily chart, it has yet to break through smoothly. Looking at the 4-hour cycle, the Bollinger Bands are not fully open, indicating that after the previous rapid rise, the market is likely entering a consolidation and digestion phase. The hourly chart is clearer — gold is currently stuck in a narrow range between $4660 and $4680, and after multiple attempts to test higher levels, it’s showing signs of fatigue. The short-term moving averages are also turning downward, signaling a gradual pullback.

From the daily perspective, the price is currently hugging the upper band of the parallel channel, which is a strong resistance level. Historically, testing this level twice previously triggered sharp declines, and this rally also carries a risk of a pullback. Additionally, there are three unfilled gap levels below, and in this scenario, whether gold can continue to surge rapidly is questionable. So the straightforward question is: without breaking and holding above $4700 and surpassing the upper channel resistance, bulls shouldn’t expect a smooth trend initiation. However, the medium-term bullish trend remains intact, and the trading strategy should mainly focus on buying on dips.

Pay close attention to the resistance at the $4690-$4700 level tonight. Support below is seen at the $4660-$4640 range, with key support further down at $4612-$4618. The two main trading approaches are: primarily buying on dips and shorting on rebounds, relying on key levels for high sell and low buy, while managing position sizes carefully. Only this way can one stay steady in a choppy market.

$XAU $BTC $ETH