On January 14, the gold market experienced a minor "roller-coaster" style fluctuation. After the Asian session opened, the price of gold continued to consolidate narrowly below the $4,600 mark. During this period, our short position initiated near $4,592 successfully captured the downward wave, resulting in a small profit-taking. During the U.S. session, the market broke through, with prices decisively climbing above $4,600, prompting us to follow up with a long position. As bullish momentum was released, gold prices reached a high near $4,630, where we took profits and exited the position, locking in gains once again. However, the market failed to hold onto its gains, surrendering most of the day's advances during the late session. Ultimately, gold closed at $4,585, recording a small bearish candlestick on the daily chart.
On Wednesday evening (January 14), the market experienced a rapid shift from fervor to calm under the impact of the U.S. CPI data. Gold prices retreated swiftly after briefly touching highs, clearly indicating that the short-term upward momentum had shown signs of fatigue following consecutive record highs. Bullish and bearish forces engaged in intense battles within the absolute high-price zone, and the distinctive pattern left on the daily chart undoubtedly signals that technical correction pressure is increasingly accumulating.
It can be said that the current market environment has become exceptionally complex, resembling a "narrative maze" woven together by multiple factors. The uncertainty of macroeconomic policies and the risks of geopolitical tensions overlap, jointly dominating market sentiment. From Venezuela to Greenland, and to the latest Iran situation (the U.S. threatening to impose additional 25% tariffs on countries with commercial dealings with Iran), geopolitical instability provides a continuous stream of safe-haven demand for the market. Against this backdrop, gold's core role as the "ultimate geopolitical safe-haven tool" is continuously reinforced, with its price constantly finding new support amidst the fluctuations.
From a technical perspective, the long-term uptrend remains undoubtedly intact. Gold prices are firmly positioned above all key moving averages (such as the 21-day, 50-day, and 100-day moving averages), with the moving average system exhibiting a perfect bullish alignment. The high from yesterday, in the $4,630-$4,640 zone, constitutes a strong short-term resistance. The primary short-term support lies at $4,560-$4,570 (yesterday's low and the 4-hour chart platform). A more crucial support zone is at $4,520-$4,530 (the upper edge of the previous gap and 1-hour chart support). The $4,480-$4,500 level is the lifeline that medium-term bulls must hold.
In summary, fellow gold investors should keep the majority of their funds as a "strategic reserve" on the sidelines, maintaining the patience to wait and see. Only a very small portion of funds should be used for flexible short-term trading—buying low and selling high—within the wide fluctuation range between the "$4,600-$4,620 resistance zone" and the "$4,520-$4,530 support zone," adhering strictly to the principles of quick entries and exits and strict stop-losses. The real opportunity lies not in catching every fluctuation, but in having sufficient funds and the courage to make concentrated allocations when the market completes a full adjustment, sentiment cools down, and strength re-emerges at key support levels. Patience is a quality more precious than gold at the moment.
Therefore, the intraday trading recommendations are as follows: Gold: Go long at $4,608-$4,610, stop loss at $4,598, target $4,640-$4,650, hold if the level is broken. If the price falls below $4,600, reverse the long position to short, targeting $4,550-$4,520-$4,500.
Key economic data and events to watch today: Wednesday, January 14, 2026 21:30 U.S. Retail Sales MoM (November) 21:30 U.S. PPI YoY (November) 21:30 U.S. PPI MoM (November) 21:30 U.S. Current Account (Q3) 22:50 Speech by Fed's Paulson 23:00 U.S. Business Inventories MoM (October) 23:00 U.S. Existing Home Sales Annualized (December) 23:00 Speech by Fed Governor Milan in Athens Next Day 01:00 Speech by Fed's Kashkari Next Day 03:00 Fed Releases Beige Book Next Day 03:10 Speech by Fed's Williams
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