#数字资产市场动态 1.20 Spot Gold Morning Observation: Fluctuating at High Levels, Buying Window is Forming

Last night, gold got stuck around $4700 again. Two consecutive attempts to push higher failed to stabilize, which is quite common—after a strong rally, the market needs to take a breather and consolidate.

Looking at the 4-hour candlestick chart, the Bollinger Bands haven't fully expanded yet, indicating that the market is still digesting the previous gains. This is not a bad sign; in fact, it’s building momentum for the next upward move. The hourly chart makes it even clearer: gold is currently oscillating within the 4660-4680 range, and the technical indicators are showing signs of fatigue—moving averages are turning, and a correction signal is flashing.

The daily chart is the key. Gold is precisely at the upper boundary of a parallel channel, a level that has tested twice in history, both times triggering significant declines. Will this time be different? Hard to say. Moreover, there are three gaps below waiting to be filled, indicating that although the bulls are still strong, there are some loose areas at the bottom.

The core logic is this: don’t rush to chase the rally before breaking through $4700. Only when the price stabilizes above this level and breaks through the channel resistance can the trend truly open up. But on the other hand, the medium-term bullish case remains intact, so the overall strategy is to view pullbacks as buying opportunities.

Tonight, focus on how strong the resistance at $4690-$4700 is. Short-term support levels are around $4660-$4640, with a critical bottom support at $4612-$4618. Trading advice: if it dips, try to add small positions for long; if it rebounds to high levels, consider shorting. In short, rely on these key levels for high sell and low buy, avoid full positions, and prioritize safety in volatile markets.

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