Entering January, the rhythm of the gold market is quite clear—after pulling back to 4426, it rebounded strongly, reaching a high of 4500, currently trading within the 4485-4500 range for consolidation. From the daily chart, the series of consecutive bullish candles indicates that the bulls still have strength, but to launch a real attack, the 4500-4524 resistance zone must be broken.

Technical indicators provide some interesting signals. The RSI stays around 60, indicating that momentum is still relatively sufficient; the MACD histogram is enlarging, showing an increasing upward momentum; on the 4-hour chart, the middle band of the Bollinger Bands remains stable, the KDJ golden cross is diverging upward, and the moving averages are also arranged in a bullish configuration. The hourly chart has already broken through the previous consolidation zone, with a pullback support at 4470-4480, and short-term resistance at 4495-4500. More detailed, the core strong resistance zone is 4500-4524, with key support at 4450-4470. If it falls below 4420, the short-term bullish structure will be weakened.

Fundamentally, the rising geopolitical risk aversion sentiment provides support for gold. The Fed's expectation of rate cuts in 2026 and the global central banks' gold purchase trend are safeguarding the medium- to long-term outlook. However, this week, two things should be watched carefully: the Bloomberg commodity index rebalancing may trigger technical selling, and with non-farm payroll data approaching, market cautiousness will gradually intensify.

Trading suggestions are as follows: if the gold price stabilizes after pulling back to the 4470-4480 support zone, consider going long with targets at 4500-4512; if it breaks through, look for 4520-4524. Conversely, if a rebound reaches 4515-4520 and faces resistance, consider short positions with targets at 4490-4480, and if it breaks below, look for 4470-4460. The key point is that once it breaks above 4524 or falls below 4420, abandon contrarian trades and wait for a second confirmation before following the trend, with individual positions not exceeding 10%.

The current market essentially is a strong consolidation within a bullish trend. The medium- to long-term upward logic remains intact; in the short term, it is oscillating between key resistance levels and data risks. The core strategy in the early session is mainly to buy on dips and sell on rebounds, focusing on the breakout directions of key zones, with proper stop-losses to avoid blindly chasing orders before data releases. Adjust your approach flexibly based on intraday changes.