Year-end final sprint, what do you think about spot gold? The recent movement has been quite typical—correction from high levels, both longs and shorts should not be too greedy.

**Remember these key levels**

Resistance: 4380 is the tightest intra-day level; above that are 4420 and 4480 (the latter is quite strong). On the downside, 4300 is the critical support; if it breaks below 4280, be prepared for a deep correction.

**What’s happening on the technical side**

The recent logic isn’t complicated. Expectations of rate cuts are cooling down, the Russia-Ukraine situation is signaling peace, and institutions are busy locking in profits at year-end, so short-term pressure is reasonable. But the central bank is still buying gold, and the US dollar isn’t particularly strong, so the decline has a bottom. The overall bullish trend remains intact.

From the chart, the daily chart shows a clear pullback, the 4-hour momentum is bearish, and the 1-hour is oversold with a rebound demand. During Asian trading, a weak rebound is possible; the European session is more likely to continue downward. If the US session stabilizes, consider going long.

**A safer way to operate**

Primary (conservative): Gradually build long positions around 4290-4300, set stop-loss at 4275, target 4350→4380, risk-reward ratio of 1:3.

A more aggressive approach (not recommended): Light short positions on rebounds to 4380-4390, stop-loss at 4405, target 4340→4320.

In case of a breakdown: If it falls below 4280, just watch without action; if it rebounds back to 4300, add short positions, with support at 4250.

**Remember these two points to avoid getting caught**

Liquidity is already limited at year-end, so false breakouts are hard to prevent. Never risk more than 1.5% of your capital on a single position, and avoid holding overnight positions. Keep a close eye on geopolitical developments and unusual movements in the US dollar index, and reduce positions at the end of the trading day.

Correction? Don’t be afraid. The medium- to long-term bullish trend is still alive, and this is an opportunity to buy on dips gradually. No need to panic sell.