Market Observation on the Morning of January 9, 2026

From the 1-hour chart of gold, the Bollinger Bands are tightening, which typically indicates that after a period of intense volatility, the price is entering a consolidation phase. However, although the MACD is still in the bullish zone, the momentum of the red histogram is clearly weakening, and the DIF line shows signs of turning downward. These signals suggest that the short-term upward momentum may not be strong enough. Interestingly, during this rebound, the trading volume has not shown a significant increase, which warrants caution—insufficient volume often indicates doubts about the sustainability of the rally.

Trading strategies can be divided into two directions:

**Bullish outlook**: If the price pulls back to around 4460, consider a light long position to test the bulls. The initial target is 4490; if this level is broken, continue aiming for 4500. Stop-loss can be set below 4450.

**Bearish outlook**: If the price fails to hold the key support level at 4423 and breaks downward, consider a short position. The initial target is 4400; if broken, look further down to 4380. Stop-loss should be set above 4430.

Market risk reminder: The above is only a technical analysis perspective. Actual trading should be adjusted flexibly according to individual risk tolerance, and final confirmation should be based on real trading performance.