In the early Asian session on Wednesday (November 27), spot gold fluctuated narrowly and is currently trading around $2,632.67 per ounce. Gold prices remained stable on Tuesday, hitting a one-week low of $2,605.13 per ounce earlier in the tug-of-war. Israel and Lebanon reached a ceasefire agreement earlier, and safe-haven demand weakened, but concerns about the Ukraine issue and the tariff plan of US President-elect Trump limited the decline in gold prices.

In addition, in the near future, we need to pay attention to the revised GDP data of the United States in the third quarter, the initial monthly rate of durable goods orders in the United States in October, and the annual rate of the PCE price index in the United States in October. This will reflect the economic situation and inflation indicators of the United States, and will also affect whether the Federal Reserve's interest rate decision next month can cut interest rates again, so it must be paid attention to.

From the perspective of the spot gold daily market, with the sharp decline in gold prices at the beginning of the week, the market rhythm has once again ushered in a huge change. Yesterday, it was close to the support of the 2600 mark. The current shape is not ideal. If it continues to fluctuate downward, it is not ruled out that it will continue to create recent lows. At this stage, the moving average group has not changed much and tends to be flat, but the MACD indicator is still below the 0 axis.

From the perspective of the spot gold 4-hour market, although it once returned to the top of the 2700 mark last week, it was a pity that it did not stay for too long and fell back. An obvious head pattern was formed in the local market, which means that the short-term short side has a certain advantage. In addition, the short-term moving average group has also turned downward, especially the MA20 box near 2660. If it cannot break through as soon as possible, it will continue to exert pressure in the future market. For the time being, it is recommended to keep shorting on rallies. Today's spot gold market focus: Pressure: 2650-2660-2670 Support: 2635-2625-2610.

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.