12.17 Morning Spot Gold Analysis

Spot gold is currently oscillating between 4305 and 4315. After a sharp decline at noon yesterday, it remained within the 4271--4295 range. Later in the evening, it quickly surged to a high of 4335, forming a V-shaped reversal pattern. Subsequently, the price consolidated within the 4300-4315 range. Recently, the candlesticks have been mainly small bullish and bearish, showing signs of stabilization through oscillation.

The current price has stabilized above the key support level of 4301 from the previous correction, which has been tested multiple times without breaking, forming a support-based candlestick pattern. During the midnight oscillation, a slight upward rebound appeared with small consecutive bullish candles, indicating a short-term upward trend. No clear reversal or breakdown signals have emerged yet.

The price is currently above the middle band of the Bollinger Bands, which are narrowing, indicating a clear short-term consolidation pattern. The upper band acts as resistance, and the middle band provides support. The MACD lines are forming a slight death cross, with the red bars disappearing and green bars emerging, suggesting that short-term bullish momentum is weakening and a minor correction may be needed. The RSI over 6 periods is approaching the overbought zone but remains in a neutral to slightly strong range, indicating that the bulls still have some strength, but the upward momentum is slowing.

In the short term, spot gold is in a consolidation with a slight bullish bias. The resistance is at the upper Bollinger Band of 4325, and support is at the middle band of 4309 and the previous low of 4301. If the price breaks below 4301, it may trigger further correction. If it breaks above 4325, a continued rebound is likely. Short-term, it is recommended to look for a pullback near 4280-75, with a stop loss at 4265. Light positions can be taken, aiming for targets around 4335-40.

The above is only personal advice for reference. Please follow Jing Sheng Shi Pan's layout for specific trading strategies.