Last week's gold market review: From decline to rally, steady and uneventful

The precious metals market in the first week of January certainly offered plenty of highlights. Gold exhibited a classic "V-shaped reversal" pattern—weak at the start, rallying in the middle, consolidating at the end—all along revealing technical clues. Let's break down this wave of行情 by day.

**Early-week bearish situation**

On January 3rd, on the 30-minute chart, gold was in a classic wide-range oscillation pattern. The core zone from 4274 to 4403 became the main battleground at that time, with bears clearly in the lead and bulls having little presence. The prevailing judgment was that the probability of a continuation of the decline was highest—clear contingency plans were laid out: a 60% chance of breaking down, 30% of consolidating within the range, and only 10% chance of stabilizing upward. The actual trading strategy was to trade the two ends of the range, following the breakout when it occurred.

**The turning point**

By the morning of January 5th, the situation suddenly reversed. Gold plunged and surged higher; after digesting related risk events, the 4400 level became the focus. The observation was clear: as long as the Asian and European sessions could hold above 4400, there was confidence to go long, with targets directly at 4435, 4450, and even 4480-4520. The subsequent行情 fully confirmed this judgment.

**Acceleration of the rally**

On January 6th, gold continued to strengthen. After falling to 4430, it rebounded quickly, with the 1-hour moving averages forming a beautiful bullish alignment, and volume increasing in tandem—classic confirmation signals. Short-term resistance was at 4485, with support levels at 4433.5 and 4406. The行情 did not disappoint, heading straight toward the resistance zone.

The rally on the 7th was even more vigorous, jumping from the previous day's low of 4428 to 4497. At this point, 4490 had become a core support, with subsequent support zones moving up to 4480-4485. As long as this line held, the bullish target was clear—continue pushing toward the 4500 barrier, and if broken, look toward 4510-4520. A long position was recommended around 4475-4485, with targets at 4512-4518.

**Consolidation and sideways movement**

On January 8th, the行情's rhythm changed. Gold began a short-term correction, with a bearish pattern gradually emerging on the 1-hour chart, and the KDJ indicator showing waning bullish momentum, indicating bears starting to take over. However, macro factors provided support, limiting the downside space. The suggested trading range was resistance at 4470-4475 and support at 4440-4445, advocating for high sell and low buy strategies.

**End-of-week stabilization and consolidation**

On the 9th, overnight US session gold rebounded from the key level of 4444. Although there was some pullback at the open, it did not break important moving averages. The 1-hour MA20 shifted from downward to upward, with support established in the 4450-4460 zone. Mild volume increase also confirmed the rebound momentum. Resistance remained at 4485-4500, and the trading approach was to operate flexibly within the 4444-4500 range.

In summary, this week’s grasp of key levels and行情 rhythm was quite accurate. Whether it was the initial judgment of the decline continuation or the subsequent bullish initiation and support/resistance identification, all were based on clear technical logic. This dynamic analysis approach based on real-time行情 provides valuable参考 for precious metals traders.