On December 15, in a strong market, the strategy remains continuous buying. Last Friday, it was emphasized that gold should be bought around the 4260 support level. After breaking through the 4285 resistance, expectations were for a significant surge, which aligned with the Fed's rate cut catalyst. Following the breakout, gold's upward momentum extended as expected, with prices surpassing 4285 and the 4300 milestone, leading to substantial gains.
Gold surged sharply on Friday, coming within striking distance of its all-time high. However, the bullish momentum was short-lived, as bears staged a late-night raid, triggering a steep drop of nearly $100—another "Black Friday" scenario. Despite the plunge, our bullish positions remained profitable. We never anticipated Friday's rally to break the historical high outright. After the sell-off, gold rebounded from 4257, and this week's strategy continues to favor buying on dips above this level.
The weekly outlook remains clear. Gold has extended its recovery after last week's late drop to 4257, now trading near 4325. While bullish, caution is warranted—the 4353 level marks last Friday's peak before the plunge, followed by the all-time high of 4380. For intraday trading, the approach is bullish but avoids blind chasing. The consolidation low after Friday's rebound was around 4288, making this a key level for long positions.
Operational strategy: Buy gold above 4294, with a stop-loss below 4288, targeting 4330–4350.
Disclaimer: Market conditions are subject to change. Investors should conduct independent analysis and exercise caution.
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