#美联储回购协议计划 Gold just surged to a new high of $4550 and is starting to stall. From the hourly chart, the price has already fallen into a downtrend channel, with obvious resistance above. More worryingly, the RSI indicator is in its highest range since 1980—what does this usually mean? The rebound space is narrowing.

Looking at the daily and weekly charts, divergence signs have already appeared. The 4550 level is becoming increasingly difficult to break through. Once the technicals weaken, a pullback is almost certain.

What about the macro perspective? The Federal Reserve's stance in December has shifted. The planned rate cuts in 2026 have been reduced from 4 to 2, and the timing has been pushed further back. What does this imply? The dollar and U.S. Treasury yields have a chance to rebound. Once these rise, gold prices will be under immediate pressure.

So, the current strategy is very clear: short at high levels. The specific suggestion is to enter short positions in the 4560-4570 range, with a stop-loss set at 4580. The targets below are sequentially 4480, 4460, and 4420—these levels are all worth watching. As for 4400, don’t overlook it either.

Each target can be taken profit in stages; don’t be greedy. Market rhythm is the key.