At the end of the Asian market on Monday (December 2), spot gold maintained its intraday plunge. The current gold price is around $2,623/ounce, with a daily drop of more than $27. Trump wrote on his social media platform Truth Social last Saturday that he asked the BRICS countries to use the US dollar as a reserve currency and threatened to impose a 100% tariff if they supported another currency to replace the US dollar. This move boosted the US dollar, which led to a decline in gold prices.

In addition, geopolitical concerns still exist. The Syrian government forces said on Saturday that dozens of soldiers were killed in the offensive launched by the Hayat Tahrir al-Sham against the city of Aleppo, forcing the government forces to redeploy, which is the biggest challenge President Assad has faced in years. If the geopolitical situation continues to escalate, it may support gold prices.

From the weekly level of spot gold, as the weekly line closed with a long lower shadow, this means that the support strength below is still considerable, and at the same time proves the protective role of MA20. However, in order to return to the rhythm of rising, it is necessary to regain stability above the moving average group as soon as possible in the short term. In addition, the dead cross state of the MACD indicator must also be transitioned as soon as possible. At this stage, it is not ruled out that the rhythm of wide fluctuations will be maintained.

From the daily level of spot gold, although there was a small rebound last Friday, due to the previous excessive downward force, it is impossible to completely reverse the short-term rhythm. At present, it is more likely to gradually enter the oscillation area to wait for the release of non-agricultural data this week. At this stage, the short-term moving average group is in a sticky state, which means that there is no clear long and short direction. On the whole, today's short-term operation strategy for gold is mainly rebound shorting, supplemented by callback longing. The short-term focus on the upper side is 2640-2645 resistance, and the short-term focus on the lower side is 2615-2610 support.

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.