#美联储回购协议计划 Gold prices hit a new all-time high at the end of December, approaching $4550 before entering a stagnation phase. From the chart, the H1 cycle has already formed a standard downward channel pattern, and this area is becoming more delicate.

Technical pressure is significant: the RSI indicator has surged to levels not seen since 1980, which is usually not a good sign. More concerning is that both the daily and weekly charts show clear bearish divergence—prices making new highs while indicators fail to follow, a typical reversal signal. Repeated setbacks at the $4550 level could easily trigger a technical correction.

Fundamentally, the Fed's December statements sent a key signal: the pace of rate cuts in 2026 will slow down, likely to about two times, with the timing pushed further back. If US economic data continues to improve, the dollar and US bond yields could rebound, which would directly suppress gold prices.

Regarding strategy, the preference is to mainly short at high levels. The $4560-$4570 range is a good entry point for shorts, with a stop-loss set at $4580. Downward targets are set at key levels of $4480, $4460, and $4420. Each target can be flexibly adjusted according to your own pace.