#美国非农就业数据未达市场预期 December US CPI data released, gold falls into a tug-of-war between bulls and bears

The data just came out, and the market reaction is quite interesting—unadjusted CPI year-over-year at 2.7%, and seasonally adjusted monthly at 0.3%, both in line with expectations, but core CPI month-over-month unexpectedly dropped to 0.2% (market expected 0.3%), which directly ignited rate cut expectations. Coupled with various political moves by Trump, uncertainties in Federal Reserve leadership appointments, upward revisions in crude oil price forecasts, and ongoing global central bank gold purchases, gold is caught in a repeated tug-of-war between bullish and bearish forces.

From a technical perspective, the situation is still quite intriguing. On the 4-hour chart, gold prices found support near the middle band of the Bollinger Bands after a pullback; the MACD shows increasing red bars above the zero line, indicating buying interest is stirring; the 1-hour KDJ indicator is turning upward, suggesting short-term momentum is building; on the 5-minute chart, gold price volatility is narrowing, which usually signals an imminent breakout in the major trend. Overall, the technical pattern remains leaning towards a bullish stance.

For practical trading suggestions, it is recommended to buy on dips around 4580-4590, with the first target at 4620, and then aiming for 4640; conversely, if the gold price rebounds to 4640-4650 and encounters resistance and pulls back, consider a light short position, initially watching the 4610 level—if broken, then look further down to 4600.

When operating, always keep an eye on market sentiment changes, especially potential volatility after data releases. Set strict stop-loss levels and avoid overconfidence.