In early Asian trading on Tuesday (December 3), spot gold fluctuated slightly higher and is currently trading around $2,641.13 per ounce. Gold prices fell 0.44% on Monday to close at $2,638.69 per ounce, ending a four-day rally. 

Concerns are growing about the possible collapse of the French government, which would stall plans to curb the surge in budget deficits.

 The dollar index rose 0.59% on Monday, the strongest single-day performance in nearly four weeks. However, the situation in France also provided some safe-haven support for gold prices.

The main US economic events this week include the release of job vacancies data, the ADP employment report and non-farm payrolls. Speeches by Fed officials, including Fed Chairman Powell, will also attract attention. In addition, this trading day will also see a speech by Fed Governor Kugler on the labor market and monetary policy. Investors need to pay close attention.

From the daily level of spot gold, yesterday's gold price fell and rebounded to record a K-line pattern with a lower shadow, suggesting that there are signs of support and resistance below. In recent times, the price has failed to successfully open the falling space, and the rebound has also failed many times. The overall situation is a shock consolidation pattern. 

The MACD indicator double lines are also glued together and fail to provide valuable reference signals. It is recommended to continue to pay attention to the consolidation of the 2620-2665 range.

From the 4-hour level of spot gold, after the gold price rebounded from the 2605 first-line position, it failed to successfully break through the pressure above 2660, and the retracement also failed to fall below the support defense of the 2620 position. The overall wide range of shocks and consolidation is the main theme. 

There is no clear direction signal in the short term. It is recommended to maintain the idea ofshock consolidation. Pressure: 2640-2650-2660 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.