12.26 This wave of precious metals行情, is a true reflection of "bulls online, but also want to lock in profits." Gold in London repeatedly tests around 4515, during the day it once surged to 4531 to set a new high, then was hammered back to 4474. This kind of high-level oscillation has become the norm. Speaking of which, this year's gold price has increased by over 70%, and is about to refresh the annual best performance since 1979. The bulls are indeed confident, but early investors also want to take advantage of the profits, so volatility is definitely not small.

From the overall logic of tonight's行情, the bullish pattern remains the mainstay. The Fed's rate cut expectations still persist, geopolitical tensions continue to stir ( Russia-Ukraine, Middle East are not idle ), and central banks around the world are still increasing their holdings. These three factors are still at play. But there is a key trap to watch out for: after the Christmas holiday, market liquidity is still recovering. At this time, "buying the dip" can easily lead to sudden violent shocks. If you blindly follow the emotions, you are very likely to get caught.

The core points for tonight's operations, we will elaborate one by one:

**Timing is very critical.** The period from 20:00 to 24:00 is when volatility is most concentrated, especially after the US stock market opens at 21:30, which often triggers pulse行情. The recommended approach is to wait 15 minutes before the open, then confirm the direction after the candlestick pattern forms before entering. Those who have been caught by false breakouts should have a psychological shadow.

**Understanding price levels like this:** Support at the first level below is around 4500, further down there is a relatively solid support zone at 4460-4470; above, keep an eye on the previous high at 4526-4531. If you are a conservative trader, it's best to wait for a pullback to the 4500-4506 area before considering long positions, with a stop-loss below 4483, and initial targets at 4535-4540. More aggressive traders with higher risk appetite can wait until the price stabilizes above 4480 before entering, but avoid forcing trades in clearly overbought zones.

**Be especially cautious with short positions.** Unless gold price effectively breaks below 4470 support, trading against the trend is like "cracking eggs with a stone," very easy to get trapped and end up with losses.

**Risk control must be maintained.** Position size should be controlled within 20% of the account balance as standard practice. Stop-loss and take-profit levels must be set in advance, with individual risk not exceeding 1% of the total account. Also, try not to hold positions overnight; lock in profits before 24:00 to avoid gaps caused by unexpected news in the early morning, which can be painful.

Finally, a reminder: if there are US economic data releases tonight ( such as GDP ), it is best to close short-term positions 15-30 minutes before and after the release. Wait until the market digest the情绪 before re-entering. If you're unsure about the rhythm, don't force it. After the Christmas holiday,行情逻辑 will become clearer, and opportunities will be plentiful.

【Personal trading ideas for reference only】