Gold prices are still bouncing around that old range.

Recently, the trend of gold has been quite clear—oscillating within an upward channel. A while ago, it surged to the top of the channel and was pushed down. On the day of 1.15, the white session started with a "drop then rise" pattern. It once tested the lower support area in the morning and stabilized. In the afternoon, it gradually regained ground, and now it’s consolidating around 4612. It seems that gold prices haven't broken out of this channel, with bullish and bearish forces pulling back and forth around the upper and lower bands. The daytime dip also confirmed that the support below is indeed effective.

On the macro front, there are some interesting points. The US December CPI data slightly exceeded expectations, which temporarily cooled the enthusiasm for rate cuts. However, the non-farm employment data was not very ideal, which pulled back expectations for rate cuts again. Today, the initial jobless claims data, which we are paying close attention to, reflects the actual state of the US labor market. After a brief rebound, the dollar index fell back, which in turn provided direct upward momentum for gold. Additionally, scattered geopolitical risk aversion sentiments also support gold prices.

From a technical perspective on the 1-hour chart, gold is clearly operating within an upward channel. The 4600 level is a key support line recently. Today’s rebound after testing this level indicates that the support strength is not weak. The resistance near the channel top is around 4640. The moving average system is in a bullish alignment. The MACD red bars have shrunk previously but are now expanding again, indicating that short-term rebound momentum is recovering. However, note that the KDJ indicator is approaching the overbought zone. Once it rises sharply, caution is needed for a short-term pullback.

There are three trading strategies:

First is the main approach. When gold falls back to the 4600-4605 range, buy on dips in batches, with a stop loss at 4595. The first target is 4625-4630. If this level is broken, continue to chase towards 4640.

Second is the auxiliary approach. Lightly short when rebounding to 4635-4640, with a stop loss at 4645, aiming to see a return to around 4615-4610.

Third is the emergency plan. If gold strongly breaks through 4640, then chase longs accordingly, with a stop loss at 4635, and target 4650.

Overall, in the short term, the main strategy is still to buy on dips around support, waiting for rebound opportunities.