Gold shows signs of stabilizing and rebounding today. From a technical perspective, the short-term moving averages have just formed a golden cross, and the previous bearish arrangement is gradually evolving into a slight rebound trend. Currently, the price is around 4360, trapped between the MA7 and MA90 lines, with 4348 to 4366 forming the current core consolidation zone. The golden cross at 4348 provides support below, while the MA90 at 4366 presents a more obvious resistance above.

The macroeconomic factors are also supportive. The 10-year US Treasury yield has fallen to around 4.11%, a decline from previous levels, and the US dollar index fluctuates within the 97.98 to 98.12 range, without a significant rise. Additionally, November US CPI data has returned to the "2 era," and market expectations for Fed rate cuts next year are heating up. These factors all provide a foundation for gold prices.

From a trading perspective, greed is a big taboo. The most probable scenario remains range-bound consolidation. Small long positions can be attempted around 4348 to 4350, with a stop loss below 4340, and the initial target set at the resistance at 4366. Once a volume breakout and stabilization above 4366 occur, you can look for higher targets around 4340. Conversely, if the price falls below 4347, exit immediately—don’t hold on stubbornly, as it may retest 4317.

Focus on the European session open at 14:30, as volatility will significantly increase during that period. The subsequent breakout direction will depend entirely on trading volume. Do not blindly chase orders before this point; patiently wait for confirmation signals before taking action.