12.16 Gold Morning Strategy Sharing: High-Range Fluctuation Awaiting Breakthrough, Pullback Focused on Long Positions
Yesterday, the overall spot gold presented a high-range fluctuation pattern. During the Asian and European sessions, it fluctuated between $4300 and $4345 per ounce, with intense long and short battles; during the US session, it once dipped to around $4285, then quickly stopped falling and stabilized, ultimately closing up slightly by 0.06% at $4305 per ounce.
In today's early Asian market, spot gold is maintaining a narrow range consolidation, currently trading near $4305 per ounce, with both long and short sides appearing cautious at key positions, choosing to temporarily observe.
From a technical perspective, the daily level still maintains a sound bullish arrangement, with the Bollinger Bands price tightly adhering to the upper track. The medium to long-term upward structure has not been damaged. However, short-term indicators show some divergence: the RSI has fallen from the overbought area to neutral levels, and the MACD maintains a golden cross above the zero axis, but red column momentum has somewhat contracted, indicating that upward momentum has slightly weakened, and there is a certain technical pullback demand in the short term.
In terms of resistance, focus on the previous high point range of $4350 to $4383 per ounce. This area is both a historical strong resistance level and overlaps with key Fibonacci extension levels. If the gold price cannot break through this area with volume, it may trigger a MACD top divergence signal, leading to a phased adjustment; if it can effectively stabilize above $4350, the next target will directly aim at the $4400 integer level.
In terms of support, the $4300 integer level is the first support level; further strong support is located in the $4280 to $4290 range, where it overlaps with the 10-day moving average and the previous peak-bottom conversion level, indicating that buying support is expected to be concentrated; the core strong support still lies at around $4265. As long as the gold price remains above $4265, the overall bullish trend will not change; if it falls below, it is likely to enter a high-range fluctuation consolidation phase in the $4200 to $4350 range.
In summary, the current market remains primarily bullish, but short-term volatility and technical pullback risks need to be vigilant. The operational strategy overall insists on following the trend, primarily focusing on low long positions, with high short positions as a supplement. Operations can be around $4285 to $4290, targeting around $4350 to $4340.
The above views are for reference only. If your current operations are not ideal, I hope that Shuyan can help you avoid detours in your investment. Feel free to communicate and discuss.
