Gold is currently still in a wide range of fluctuations. The important resistance above is around 4265, while the support area below is concentrated between 4163-4175. If the gold price retraces to this support area after the market opens, a short-term long position can be attempted; if it effectively breaks below 4163, it may open up further downward space.
From the 4-hour chart, the core resistance area above is located at 4245-4260, and the short-term pressure focuses on 4225-4230. In the current oscillation pattern, it is more inclined to wait for a price pullback to seek long opportunities.
It is recommended to consider positioning long positions within the 4175-4165 range, with a stop loss set below 4157, targeting the 4245-4250 area.
On Friday, the market exhibited severe fluctuations, with the gold price surging to 4259 during midnight and then rapidly reversing, ultimately closing at 4196, once again breaking below the 4200 threshold. This rollercoaster price action frequently crossing the moving average on an hourly basis indicates a lack of clear unilateral trend in the market, which is still in a phase of repeated washout.
