On December 12th, Beijing time, gold prices rose. After a significant decline during the Thanksgiving holiday, the number of initial jobless claims in Country M recorded the largest weekly increase since the outbreak of the pandemic.

After the data was released, spot gold suddenly surged by $80, reaching a daily high of $4285.75 per ounce!

Currently, there has been a "inverted hammer" candlestick pattern indicating a pullback after a spike, which is a typical sign of "lack of upward momentum." It suggests that buyers are unable to push prices higher, so do not blindly chase long positions, or you will only face defeat!

Recommendation for gold: short in the range of 4277 to 4287, with a target around 4180!