#美国非农就业数据未达市场预期 Gold Daily Chart Observation (January 14 Morning)

**Key Fundamental Points**

US manufacturing data has been released, showing good performance, which directly impacts the dollar— the US dollar index has strengthened accordingly, putting pressure on gold prices. The pace of rate cuts is not as fast anymore, and market expectations are adjusting accordingly. Additionally, there are no signs of escalation in the Middle East for now; the original safe-haven demand is cooling off, and funds are flowing out of safe-haven assets. Leading global gold ETFs are also reducing holdings, and institutions are noticeably more cautious, all of which increase the pressure for a gold price correction.

**Technical Situation**

Looking at the daily chart, yesterday’s gold price was very strong, forming a large bullish candlestick, reaching a new all-time high. The MACD indicator’s two lines are still in a bullish crossover and moving upward, indicating that the bullish momentum has not been exhausted, and there is potential for further gains. Pay close attention to the support at the MA5 moving average.

On the four-hour chart, after finding support around 4310, gold prices continued to rise, reaching a high near 4630. However, there are signs of a pullback now; the MACD lines are starting to turn downward, so it’s important to monitor whether the MA10 support can hold.

Support levels are around 4525-4530, with resistance at approximately 4620-4625.

**Trading Strategy**

Go long near 4570-80, with targets gradually moving toward 4600, 4610, 4620, and 4635.

Go short near 4635-40, with targets at 4600 and 4580.

The key is to respond flexibly to the pace of the pullback; confirming technical levels is very important.