12.17 Gold Evening Review
Gold prices maintained a fluctuation range of 4300-4340 within the day, with significant pressure at the upper level of 4340, and solid support at the lower level of 4300. The core strategy remains to buy low before breaking through the previous high, and after an effective breakout, one can follow the trend to seize the wave profits!
In the afternoon, gold prices retreated from the high of 4342, gradually dipping to around 4308, intensifying the tug-of-war between bulls and bears. The 4-hour chart shows that the Bollinger Bands continue to narrow, with both bullish and bearish forces temporarily balanced. Although there was an attempt to break the previous high of 4353, upward momentum was insufficient, and only by stabilizing above the key level of 4353 can the upward space be fully opened.
Within the day, the 4340 area was repeatedly blocked, and the effectiveness of the 4300 support was verified. Before breaking through the previous high of 4353, there remains a risk of correction in the market, and the short-term fluctuation and consolidation pattern is unlikely to change.
After rebounding to the 4325-4330 range, gradually establish short positions with light exposure, placing stop-loss above 4343 with the target directly pointing to the 4300-4270 range, to seize the profits from the downward fluctuation!
