On Friday (November 29), spot gold traded around 2638.60. Geopolitical uncertainty and trade concerns boosted safe-haven demand to support gold prices. Trading is expected to be quiet as the U.S. market is closed for the Thanksgiving holiday. Spot gold rose 0.2% to $2,641.79 per ounce. U.S. gold futures remained stable at $2,642.00. But gold prices recorded their biggest one-day drop in more than five months on Monday.

Bitop analysts said that as the Russian-Ukrainian war continues, geopolitical risks remain high. Although the ceasefire agreement between Israel and Hezbollah has come into effect, Israel's retaliatory emergency measures still keep the situation tense. In addition, U.S. President-elect Trump's promise to impose tariffs on Canada and Mexico has also had an impact, which remains an important support factor for gold. ”

From the daily spot gold market, after the rapid decline on Monday, the current gold price mainly maintains a local low-level shock. With the gradual approach of the short-term moving average group, the pressure before the weekly closing will be further increased. Although the MACD indicator is in a golden cross state, it is still below the 0 axis after all, so there is no significant rebound signal. The 2628-2650 range can be focused on during the day.

From the 4-hour spot gold market, the gold price was under obvious pressure after a slight rebound to the 2650 line yesterday, so it ultimately failed to further open up the space for rising. This also led to the current moving average group moving towards a sticky state, which means that there is no clear clue in the short term. In addition, the MACD indicator has also returned to the vicinity of the 0 axis, so it is not ruled out that the rhythm of shocks will be maintained during the day. In terms of operation, it is recommended to try to sell high and buy low as much as possible, which is more stable. Pressure: 2645-2655-2670 Support: 2630-2620-2610.

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.