In the early Asian session on Thursday (January 2), spot gold fluctuated narrowly and is currently trading around $2,631.91/ounce. On Tuesday, the price of gold (2647.88, 6.88, 0.26%) closed up 0.72% at $2,624.28/ounce, helping gold prices rise 27% in 2024, setting the largest annual increase since 2010, driven by safe-haven demand and interest rate cuts by central banks. However, market sentiment may become more cautious, depending on policy changes during Trump's second term as president.

Japan and New Zealand will continue to be closed on Thursday, which may limit trading space in the Asian market. European and American markets generally resumed trading. The final value of the manufacturing PMI in European and American countries in January will also be released on this trading day. Investors need to pay attention to it, focusing on the changes in the number of people who continued to apply for unemployment benefits in the United States as of the week ending December 21. In addition, pay attention to news related to the geopolitical situation.

From the perspective of the daily spot gold level, the gold price rebounded the day before yesterday and recorded a large real body positive candlestick pattern. The price failed to continue the oscillating decline trend and returned to the MA5 moving average, suggesting that the support effect below is strong. In the short term, the overall wide range of oscillation and consolidation will be maintained, and the future trend direction is still unclear.

From the perspective of the 4-hour spot gold level, the gold price rebounded from the 2596 line and recovered the lost ground of the price decline last week. Although the current MACD indicator double line is still in the process of golden cross operation, the rebound momentum is still strong, but the upper side is already facing the counter-pressure of the starting and falling position, and the price may face pressure. It is necessary to pay attention to the support effect of the two moving averages below MA5 and MA10. 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.