Morning Review will focus on the core logic of “pullback to go long,” adhere to the strategy of pullback to go long, and strictly control risk boundaries.

Analysis as of the morning of January 15, 2026,

Since the beginning of the year, spot gold has maintained a strategy of pullback to go long, with strict risk control. The ongoing geopolitical risks, the clear expectation of Fed rate cuts, the continuous weakening of the US dollar index, and the global de-dollarization trend, combined with multiple fundamental factors, form a long-term support.

Daily chart: The moving averages are in a bullish arrangement, with prices consistently staying above the short-term moving averages. During pullbacks, quick support is gained, consistent with a healthy pattern of “volume expansion during upward movement and volume contraction during correction.” Although the RSI indicator has fallen from the overbought zone, no trend reversal signals have appeared. 4-hour chart: High-level oscillation and recovery, with limited pullback strength and continuity. Volume has mildly contracted, indicating the correction is nearing its end, and an upward move may restart. Hourly chart: Gradually forming a small arc bottom pattern, with short-term moving averages turning upward, and short-term rebound momentum is accumulating.

Before a clear reversal signal occurs in the strong trend, pullback to go long remains the only core strategy. Avoid chasing highs, rely on key support levels to deploy positions in batches, and use pullback opportunities to improve position cost-effectiveness.

Trading suggestion: When the price pulls back to the $4575-4585 range, and signs of stabilization and support appear, enter long positions with a light position, set stop-loss below $4565, and target $4620-4630. If the pullback reaches the important support zone of $4550-4560, confirm the support is effective before adding positions in batches, move the stop-loss below $4545, and aim for the same target. After breaking through $4630, hold the position to $4650.

The above is only personal advice, for reference only, and does not constitute investment advice#黄金