The Christmas holiday market is quiet, and technical analysis of gold indicates upward momentum. Multi-asset assets are entering a critical moment.

Market Background: Risk Appetite Rebounds, Economic Data Focus

At the end of the year, global trading volume has significantly contracted, and the approaching Christmas holiday has led investors to adopt a cautious trading stance. This week, the market will release key data including the US Q3 real GDP, October durable goods orders, November industrial production, and Q3 core PCE price index. Federal Reserve Board member Stephen Miran recently stated that if interest rate cuts are halted next year, it could trigger a recession risk, emphasizing concerns over rising unemployment rates. As a result, the VIX fear index dropped 5.5%, hitting a more than one-year low. The three major US stock indices recorded their third consecutive day of gains, indicating an overall improvement in risk sentiment.

Gold Technical Analysis: Upward Trend Clear, Multiple Key Levels Await Breakthrough

The gold market shows a strong upward trend. On Tuesday, gold rose 0.66%, with prices reaching a high of $4497, close to the $4500 round number. From a technical perspective, gold is in the midst of a new rally cycle, with higher highs indicating good trend integrity.

If gold can hold above the psychological level of $4400, it may continue challenging resistance levels at $4500 and even $4620. Based on current momentum, the overall upward trend is expected to continue into late January.

Gold Technical Points:

• Support levels: 4400, 4300, 4220
• Resistance levels: 4500, 4620, 4770

US Dollar Index: Key Support Faces Testing

The US Dollar Index fell 0.48% this week, touching a low of 98.19, ending a three-day winning streak. Notably, the dollar index is approaching the critical support level of 98.0, with a mid-term directional decision imminent.

If the dollar index can break above 98.8, it may rebound further to challenge the 100 level. Conversely, if it effectively falls below 98.0, downside potential opens up, with further targets at 95.2.

USD Index Technical Levels:

• Support levels: 98.0, 96.5, 95.2
• Resistance levels: 99.0, 100.0, 101.4

WTI Crude Oil: Rebound Correction Likely to Increase

WTI crude oil rose 2.49% on Monday, reaching a high of $59.13. Technical indicators show the AO indicator’s bullish momentum gradually strengthening, suggesting that the ongoing decline since June may face a rebound correction.

If WTI can break through and hold above $59.0, it may further rebound toward $61.5 and even $64.5. However, if oil drops below $57.0, further downward extension should be watched carefully.

WTI Crude Oil Technical Levels:

• Support levels: 57.0, 55.0, 52.0
• Resistance levels: 59.0, 61.5, 64.5

AUD/USD: Maintains Bullish Bias Above 0.6600

AUD/USD rose 0.7% on Monday, reaching a high of 0.6660. The 0.6600 level marks the upper boundary of the previous range. If AUD/USD can hold above this level and rebound, it reflects a strong market bullish sentiment, with a medium-term tendency to move higher.

If AUD/USD can stay above 0.6600, it is expected to challenge 0.6700 and even 0.6800 levels. To reverse the current upward trend, a break below 0.6600 support is necessary.

AUD/USD Technical Levels:

• Support levels: 0.6600, 0.6520, 0.6450
• Resistance levels: 0.6700, 0.6800, 0.6920