Gold morning long positions profit as expected, evening low buy continuation strategy for layout

Gold Digger Lao Mao

Today spot gold initially rose then fluctuated. The opening price was 4591.68, surged to 4639.60 before encountering resistance and pulling back. The current quote is 4630.77, up 44.22 from yesterday’s close, a 0.96% increase. Morning long positions were smoothly profitable, and the trend aligned with the bullish outlook in the morning.

From the news perspective, the US December core CPI below expectations previously boosted gold prices, but Federal Reserve officials’ statements about cooling and rate cut expectations have tempered the outlook. However, Fed policy uncertainty and geopolitical tensions still support gold prices. Short-term fund selling pressure has been absorbed, and the overall positive pattern for gold remains unchanged.

Technically, from the 15-minute K-line chart, after a surge, gold prices are oscillating at high levels. The moving averages are in a bullish arrangement, but MACD shows bearish divergence at the top, indicating a short-term pullback is needed. 4640 is a key resistance level, and the 4620-4600 zone is an important support area. If support holds, the bulls may continue to rise; otherwise, volatility may intensify.

In the evening, continue with the low buy strategy, focusing on the breakthrough of the 4640 resistance level: if not broken, rely on the 4620-4600 range to layout long positions, with a stop loss below 4595; if broken above 4640, follow the trend to chase longs towards 4650-4670, and consider partial profit-taking.

Disclaimer: The content of this article is only a market analysis and trading idea sharing by Gold Digger Lao Mao. It does not constitute any investment advice. Gold trading involves high risk, and investors should make independent decisions and bear the profits and losses.