12.5 Roller coaster market is expected to adjust after the gold market analysis and operation suggestions (1/1)
On Tuesday (December 5), spot gold maintained a volatile trend during the trading day, opening at $2028.78 per ounce today, reaching a high of $2041.09 per ounce and a low of $2028.26 per ounce, and the gold price was reported at $2035.82 per ounce as of press time, an increase of 0.35%.
⭐️ Message plane analysis
Gold prices retreated from record highs on Monday as the dollar and US Treasury yields moved higher. On Friday, Powell's dovish comments only reinforced that expectation, with traders now pricing in a 67% probability of a 25 basis point rate cut through March 2024. The real market driver this week is likely to be the November jobs report. The market expects the U.S. economy to create 185,000 jobs last month, while the unemployment rate is expected to remain unchanged at 3.9%.
If the headline economic data and the non-farm payrolls report disappoint, this could support gold prices as expectations of interest rate cuts increase. However, stronger-than-expected economic data could weaken gold, especially if the dollar stabilizes as traders delay interest rate cut bets.
⭐️ Gold technical analysis
Gold is currently showing a wave of sharp decline on the daily level trend, the K-line gradually broke through the short-term moving average, and the short-term moving average began to diverge from the previous upward divergence and gradually hook downward. This technical pattern suggests that the price of gold may be starting to weaken. On the 4-hour level trend, gold has recently begun to rebound slightly after a series of declines, but the overall technical pattern of weak volatility has not changed. The price of gold has now touched near the previous pressure band, which means that in the short term, the rebound room for gold may be relatively limited. Overall, despite the recent rebound in gold prices, overall
The trend remains weak.