12.24 Zheng Chen Evening Thoughts

International gold prices continue to set new historical highs, today soaring towards the key resistance level of 4500, with strong support at 4380 below. In terms of trends, gold prices are under short-term pressure at the 4500 mark, but the upward momentum accumulated from the previous $400 pullback is sufficient, likely pushing prices for further breakthroughs, with subsequent strong resistance zones focusing on the 4550-4600 area.

Trading Strategy: It is recommended to set up long positions in the 4470-4480 range on dips, targeting initially at 4500-4520, and after a breakout, look towards 4530-4550.