In the early Asian session on Thursday (November 28), spot gold fluctuated narrowly and is currently trading around $2,636.88 per ounce. Gold prices rose slightly on Wednesday, rebounding from a more than one-week low hit in the previous trading day. The US dollar index fell 0.8% on Wednesday, hitting a two-week low, increasing the attractiveness of gold to other currency holders. 

The highest gold price hit around $2,658 during the session on Wednesday.

U.S. consumer spending grew 0.4% in October, slightly higher than the expected 0.3%, suggesting that the economy maintained most of its strong growth momentum at the beginning of the fourth quarter, but progress in reducing inflation seems to have stagnated in recent months. 

Coupled with the possibility that the incoming Trump administration may impose higher tariffs on imported goods, the Federal Reserve may have less room to cut interest rates next year. 

Currently, the market believes that the Federal Reserve has a 70% chance of cutting interest rates by 25 basis points in December. In a low-interest rate environment, gold tends to be favored.

From the daily spot gold market, yesterday's gold price rebound failed to record a K-line pattern with an upper shadow. Today's price shows signs of further decline, causing the MACD indicator to turn downward, suggesting that the current trend is still weak. 

In addition, the MA5 moving average has turned downward to form pressure, and we need to continue to pay attention to the pressure effect of the moving average.

From the 4-hour spot gold market, the gold price is exhausted this week. The price started to fall sharply from the 2721 line on Monday. The maximum decline has reached 93 US dollars today. 

Although the gold price rebounded yesterday, there are signs of further decline today. There may be a risk of opening up the downward space in the future. Pay attention to the pressure effect of the MA5 moving average. Pressure: 2630-2640-2650 Support: 2620-2610-2600.

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.