In the early Asian session on Friday (January 3), spot gold fluctuated in a narrow range and is currently trading at $2,659.09/ounce, maintaining overnight gains. Gold prices rose 1.28% on Thursday, hitting a more than two-week high of $2,660.34/ounce during the session and closing at $2,657.89/ounce. U.S. President-elect Trump's policies are also expected to promote economic growth and may increase price pressure, suppress the Fed's expectations of rate cuts, and support the dollar; but Trump's tariff threats have also increased market concerns and increased safe-haven buying demand for gold.

In terms of geopolitics, Russia launched a drone attack on Kiev early on Wednesday, attacking Ukraine's energy system. The weapon was highly destructive, increasing the difficulty of repair and prolonging the time required for facility recovery. In addition, the Israeli Defense Forces launched an airstrike on a refugee camp west of Khan Yunis in the southern Gaza Strip on the morning of January 2, local time. In the evening, the Israeli army launched an airstrike on a rocket launch facility of Hezbollah in southern Lebanon. Driven by safe-haven buying, gold prices soared.

From the weekly level of spot gold, after the formation of the evening star pattern in the early stage, the price of gold continued its weak performance last week, and the decline was also exaggerated, recording a bald big Yin line. It can be seen that the short-term bears have already occupied a very obvious advantage. At this stage, the support protection of MA20 still needs to be focused on. Once it is lost, it is not ruled out that it will accelerate to the 2500 mark. In addition, the dead cross signal of the MACD indicator also confirms the current rhythm.

From the daily level of spot gold, as the important support above retreats step by step, the current price has fallen below the 2600 mark, and judging from the current trend, it is unlikely to rebound significantly in the short term, because the short-term moving average group shows that in addition to the short arrangement, the market will continue to exert downward pressure. In addition, the MACD indicator officially crosses the 0 axis for the first time since July, so in terms of operation, it is temporarily recommended to keep shorting at highs as much as possible. Pressure: 2570-2580-2590 Support: 2555-2545-2530.

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.