Zhuoyuan 12.8 Gold Morning Review

Last Friday, spot gold surged and then retreated, with the lowest point dipping to $4192/oz in the evening. The rebound momentum is weak, and after the previous sharp rise of over $70, profit-taking has triggered a 'V-shaped' pullback. This week, the market is focused on the Federal Reserve's decision on Thursday, along with the release of multiple economic data, intensifying the tug-of-war between bulls and bears. Gold is likely to maintain a fluctuating adjustment pattern in the short term.

From a technical perspective, the five-wave upward trend in gold has come to an end, and we are currently in a phase of adjustment. Although the trending movement is temporarily paused, the fluctuation space in waves is still worthwhile to grasp. The pullback that started from the high point of 4259 on Friday has an initial target looking towards the support area of 4150. It is crucial to be vigilant about the formation of the 'Evening Star' pattern; if this top signal is confirmed, coupled with the weekly top divergence signal, gold is likely to reach a stage peak, and subsequently may enter a deep pullback.

Personal suggestion to go long around 4190-4180, with a target of 4230-4260. If it fails to stabilize and break through with volume, consider lightly shorting. $BTC $XRP #比特币VS代币化黄金