2024 can be considered a great year for gold, with gold closing with a large bullish candle in 2024. This provides momentum and support for bullish investors who remain optimistic about rising gold prices in 2025. However, the consecutive two bearish candles on the monthly chart at high levels also require caution and attention from bullish investors. Therefore, for 2025, it cannot be ruled out that there will be further dips first, although in the long term, bullish investors still have upward momentum and trend support. Nevertheless, the outlook for bulls is not exceedingly optimistic.

In the four-hour chart, this wave pierced the upper line under the pressure of the mid-term moving average and moved downward. On Tuesday, it tested the bottom and rebounded to strengthen. The price is still operating within a descending channel, with some space left from the boundary line. The pattern still leans towards bullish, while the hourly chart shows weakness at high levels. However, structurally, it is in a fluctuating weak bearish state. The 30-minute chart has formed a bullish pattern after testing the bottom and rebounding. Therefore, in conjunction with the four-hour and daily charts, it is advisable to first buy on dips today. Next, after the hourly chart breaks above the acceleration line and pulls back, it is recommended to follow up again. As for bearish positions, it is best to wait for the four-hour chart to turn bearish before participating. In the short term, the key resistance to watch above is around 2639-2645, and the key support to watch below is around 2620-2622.

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