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1.22 Jing Yi Afternoon Gold Brief
Gold continues its overnight rally, rising from around 4715 to a stage high of 4888, then quickly falling back to 4755. It is currently stabilizing at 4817, showing a pattern of rising and falling followed by consolidation.
On the news front, the market is closely watching two key data points today: the US December Core PCE Price Index and initial jobless claims. The market expects the PCE data to ease moderately, which may reinforce expectations of a rate cut by the Federal Reserve in March, providing support for gold.
Technically, the hourly chart shows that the gold correction has not broken below the 4750 key support level. It is currently holding above 4800, with bulls still gathering strength; short-term moving averages are flat, and the KDJ indicator is at a low level, indicating a rebound and correction demand.
Trading suggestions:
Buy on dips around 4795-4805, with targets at 4840-4860.