On Thursday (December 4th) in early Asian trading, spot gold traded in a narrow range, currently hovering around $4205 per ounce. The unexpected decline in US private sector employment continued to support gold prices. According to the ADP employment report, US private sector jobs fell by 32,000 in November, far below economists' expectations of a 10,000 increase, and in stark contrast to the revised 47,000 increase in October. Following this data release, the market reacted quickly, strengthening bets on a Federal Reserve rate cut next week.

The stability in the gold market is not accidental, but rather the result of a confluence of factors including weak employment, expectations of a rate cut, strong silver prices, a pullback in the bond market, a weaker dollar, and a stock market rebound. Although gold may follow a slight pullback in the short term, following silver, in the long run, the deepening of the Fed's easing policy and the easing of global geopolitical tensions will inject strong momentum into gold. Investors should closely monitor Friday's PCE inflation data and next week's Fed meeting, which could be catalysts for gold to break new highs. From the daily chart for spot gold, although yesterday's rebound resulted in a large bullish candlestick, the price failed to hold above the 5-day moving average (MA5) support. Today, the price has fallen again. Going forward, it's recommended to focus on the support level of the 10-day moving average (MA10). A break below this level would trigger a death cross signal, potentially leading to further declines.

From the 4-hour chart for spot gold, after rebounding to around 4264 and encountering resistance, the price rebounded again around 4164, but failed to break above 4242. Currently, there are signs of another pullback. The MACD indicator remains in a death cross, suggesting the correction may not be over. Intraday, pay attention to the resistance level around 4200. Resistance: 4200-4210-4220 Support: 4190-4180-4170

Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.