12.17 Gold Strategy: Long and Short Game Focus on Key Range 4270-4350

Under the favorable backdrop of major non-farm data, gold surged to 4335 before sharply retreating to 4291, highlighting heavy selling pressure above, and the bullish rebound momentum has weakened. The core logic lies in the unchanged expectations for the Federal Reserve's monetary policy tightening, with persistent high inflation supporting prolonged high interest rates, and the strong dollar continuing to suppress gold valuations.

Combined with the rebound in global risk appetite and reduced gold ETF holdings, the favorable conditions are difficult to translate into upward momentum. From a technical perspective, a clear descending channel has formed on the four-hour level, with highs gradually moving downwards; 4270-4260 serves as key support for a trend reversal, while 4350 is an important resistance level; the MACD is running below the zero line, nearing oversold territory, and medium to long-term moving averages may support or trigger technical buying.

Operational Suggestions

Bulls: Lightly buy near 4290 on stabilization, add positions at 4270, stop loss at 4250, target 4330-4350

Bears: Lightly sell near 4350 on resistance, stop loss at 4365, target 4300-4280

Before the range is broken, it is advised to sell high and buy low; after a breakout, follow the trend, but beware of false breakout scenarios.