Yesterday was Christmas holiday, international markets took a break, but domestic trading continued as usual. Gold and precious metals played some interesting moves.

Palladium was hammered hard—Guangzhou Futures' palladium hit the daily limit down at the open, although it recovered somewhat during the session, it still closed significantly lower; platinum, on the other hand, moved in the opposite direction, opening lower and then surging strongly, even breaking new historical highs; Shanghai Silver opened lower, then turned around and surged sharply, not only recovering the decline but also reaching new highs; gold remained relatively quiet, mostly consolidating sideways. The four commodities each performed their own acts, showing a clear divergence pattern.

Today is the last trading day of the week. Looking back at the past two days, whenever prices hit new highs, they would plunge—are we seeing this old pattern again?

There are several key points worth noting for gold. In the short term, if the price can stay above the 4455-4465 USD range, the bulls still have hope; if it breaks below that, caution is needed, as the short-term momentum may weaken. But from a medium-term perspective, as long as it does not break below the support at 4370-4380 USD, the bullish trend remains intact. It would only be dangerous if that line is truly broken.

Focus on whether the 4500 USD round number can be broken through on the upside. Beyond that, the next resistance levels are at 4525-4530 and 4550-4560. While the outlook is bullish, caution is advised for sudden plunges that may occur during trading.