The Christmas holiday is approaching, and the long-short game intensifies.

As the Christmas holiday approaches, the international gold market is experiencing fluctuations ahead of time. Half an hour after the U.S. market opens, a surge in selling pressure emerges, pushing prices down to the 4430 line with significant trading volume. This position is close to the gap at 4440, and the market quickly completes the fill.

It is worth noting that this decline is not solely driven by gold; the violent fluctuations of silver have become a key driving force. Silver saw repeated fluctuations during the day, with a strong rally in the latter half of the U.S. market, ultimately recording a 3.45% increase, which is also one of the core reasons for gold's rapid stabilization and rebound after filling the gap.

Today, during the Asian session, gold continues to surge, reaching a high of 4525, which happens to be the 50% level of the Fibonacci 61.8% extension from the rise since 4309. However, pressure from the extension level emerges, and the price subsequently falls back, failing to climb again during the lunch session.

From the current pattern, the market is most likely in a phase of harvesting long positions. Although bulls still dominate, the risk of chasing higher prices increases. It is advised to focus on buying low; if the key support level breaks, short positions can be attempted with a light position.

It is important to be cautious as market trading is thin during the Christmas holiday, and today's U.S. market will close early. This means that the market is likely to show performance before the U.S. market opens, and if there is selling pressure at the end of the day, market fluctuations on Friday may become more intense.

From the trend structure analysis, using 3997 as the starting point to draw the Fibonacci extension line, the 123.6% extension is at the 4493 line, and the 100% extension is the low point of 4430 tested last night; this position is the key support for the current market. As long as 4430 holds, the upward trend of higher lows in gold will not change, lacking a clear downward driving force.

On a smaller timeframe, it is crucial to pay attention to the performance in the cloud area, with upper resistance focusing on breaking the Fibonacci 61.8% level of this round of correction at 4505. If the selling pressure from the Asian session can be quickly recovered, then the previous high-point suppression will be difficult to sustain, and gold is expected to push further. At that time, it will be essential to closely monitor the gains and losses at the 4530 level. $BTC #比特币与黄金战争