This week, the Christmas atmosphere has gradually intensified, and the market has also entered a special 'Christmas rhythm'. Under the influence of holiday factors, the overall market activity has cooled down, and significant fluctuations are difficult to occur, with a volatile pattern becoming mainstream. From a weekly level analysis, since the temporary high point of 2790 fell, gold has gone through a three week downward trend. Fortunately, there was a turning point in the market in the fourth week, and the weekly closing was positive, bringing a glimmer of hope to the gloomy market. In recent weeks, the gold price has been hovering within the previous bullish candlestick, as if operating within a predetermined track, with high and low points remaining unbroken, and the correction cycle continuing. However, as 2024 draws to a close, this prolonged correction market is nearing its end, and the market is expected to break the existing pattern and usher in a breakthrough significant upward trend, opening a new chapter.

Looking back at the trend of gold in 2024, it has shown a steady upward trend overall, with a strong upward momentum and nine consecutive months of closing, demonstrating a strong bull market foundation. Subsequently, it began a pullback from the high point of 2790 and hit a low of 2537, officially entering the correction zone. During this period, whether it was the surge to 2726 last week or the pullback to 2583 last week, they were all normal price fluctuations within the correction cycle, like a brief pause in a long journey, for a more powerful sprint in the future. Now that the correction is coming to an end, the return of bulls is likely on the horizon.

At the level of short-term trading strategy, investors need to focus on several key points. The support level below is like a safety net, distributed in the 2600 and 2583-2588 areas, providing a buffer for price declines; The upper suppression level is like a ceiling, with the 2625 and 2532-2534 ranges limiting the pace of price increase.

At present, the gold price is in a fluctuating upward channel. Short term operations during the day can first short sell at high prices to capture falling profits. After the price returns to a suitable low point, it can then go long and take advantage of the rebound trend. Based on the fluctuating upward trend, operate in a cyclical manner, accumulating small wins is a big win. Considering the bright prospects of a large bullish cycle, investors should focus more on the long term, start laying out long-term long positions, closely monitor the strong attacks that may erupt from bulls at any time, and seize the rare opportunity to enter the correction phase to seize the opportunity for asset appreciation.