Thursday that day (January 8 ) Spot gold really was a roller coaster, plunging straight to a low of $4407 per ounce in the early session, which was quite shocking. However, the rebound was quick, and by the close, it had risen by 0.5%, settling around $4447. To put it simply, the dip in the morning was mainly due to Bloomberg Commodity Index adjusting its annual weights, with funds following suit and selling off precious metals—purely technical factors; the fundamentals are actually fine.

By the Asian session on Friday, gold was oscillating at a high level around 4460, and the market still felt a bit tense. From the daily chart, yesterday was a classic V-shaped reversal, with a long lower shadow, which is a pretty strong signal.

On the technical side, a few key points to watch: support at 4455, which is the dividing line between bulls and bears; approaching this level could be considered a long opportunity. In extreme cases, a shakeout down to 4435 could also be a good entry for longs. Looking upward, first resistance is at 4484; breaking through this could target the 4491-4500 range. Once above 4500, there’s potential for another 20-50 dollars of upside. Pay special attention to the impact of tonight’s non-farm payroll data, as international situations can also suddenly change the trend.

For trading ideas, look for long opportunities near 4450 or 4435, and consider short positions above 4477 or 4485. A strong close above 4466 signals strength; maintaining this level could mean continued upward movement. Short-term support levels are at 4447 and 4430, with resistance at 4476 and 4450.