Yang Yi 12.4 Gold Morning Review: A pullback is an opportunity to go long, following the trend is more stable.
Gold has recently been in a "bounce back after hitting the bottom" pattern, and it has tested the 4200 level several times without breaking it, showing reliable support. The short-term trend of rebound has become clear, exactly as I previously anticipated. Currently, the bullish upward structure hasn't broken down; waiting to place long positions when the price pulls back is still the most prudent approach. I suggest everyone maintain a bullish outlook and focus on key price levels for operations.
Last night in the U.S. market, gold rose to around 4240 before fluctuating down a bit, indicating that it needs to gather more strength to break through the new high. There is currently no urgent momentum to push upwards, making the risk of chasing after buying long quite high. From the 4-hour candlestick perspective, the upper range of 4250-4260 has strong pressure, while the lower range of 4200-4195 is the recent support area, with 4165-4175 being a more critical strong support zone. Currently, the overall state is in a back-and-forth adjustment; buying long when the price pulls back aligns with reasonable technical logic. There is no need to rush; it's more prudent to wait until the key support level stabilizes before entering the market.
Personal trading advice: wait for the price to pull back to the 4200-4190 range to buy long, set the stop loss at 4177 (to prevent excessive losses if strong support is broken), and initially target 4235-4260. If it can break through 4260, continue to hold the long position to see the subsequent market situation.
