Gold has been quite interesting these past couple of days. Yesterday, it initially rebounded around 75-80 in the morning, and by the afternoon, many were bullish. Before the CPI data was released, it had already broken through 4600. Once the data was out, the gold price surged straight to 4630-33, but by the close, profit-taking began, and it plunged over 50 points in one go. The daily chart shows a high point followed by a bearish close, indicating that while it appears strong, there are signs of fatigue.

This morning, it rose again near 90, and in the afternoon, it broke through 4630, approaching the critical resistance at 4639-40. But here’s the problem—despite hitting new highs for two consecutive days, the momentum hasn't continued. In the 4630-40 range, institutional opinions are clearly divided. Call options are also decreasing, indicating that bullish enthusiasm is waning, and the risk of a correction is increasing.

01.14 European and American market reference ideas:

① If looking for a short position in the 4634-38 range, set the stop at 4645, with a target of 4617-4605
② If it pulls back to 4600-05, consider a long position for the first time, with a stop below 4590, targeting 4620
③ If there’s an unexpected breakout above 4645, aim for 4655-60, but the space for longs is limited—don’t chase the high
④ If it directly breaks below 4590, decisively abandon bullish thinking and watch out for a plunge to 4570-60

Overall, gold is currently in a stalemate between bulls and bears, and the correction pressure this week is indeed building up.