Morning Gold Analysis from 12-18
On Wednesday, gold strengthened in the U.S. market due to a combination of data and risk aversion sentiment, rising to the resistance level near 4350 before facing pressure.
The high level of risk aversion, combined with support from non-farm data, saw gold prices rebound from around 4310, currently facing clear pressure at the 4350 line, with further resistance above at 4380. The pace of market fluctuations is cautious, and attention should be paid to whether global uncertainty factors can push gold prices to break through the key level of 4380.
Overall, gold is in a major range of 4380-3890, with short-term pressures at 4350 and 4380; once it stabilizes above 4380, it can be followed up accordingly.
Global risk aversion and potential financial risks continue to attract capital inflows into the gold and silver markets, becoming a core support for maintaining high prices.
The 4-hour level stochastic indicator maintains a bullish crossover, with MACD lines flat, and prices suppressed at the 4350 level; support below is sequentially at 4327, the 4313-4307 range, and 4275.
The current triangular consolidation pattern leans towards a breakout upwards, with operations primarily focused on going long: relying on three levels of support for phased layout, initially targeting 4350, and looking towards 4380 after a breakout; if it stabilizes above 4380, continue with the trend-following strategy. $XAU
