In the early Asian market on Thursday (January 9), spot gold fluctuated narrowly at a high level and is currently trading at $2,662.59/ounce. The ADP National Employment Report showed that the United States added 122,000 private jobs in December, while economists expected an increase of 140,000. Another report from the Labor Department showed that the number of initial jobless claims last week was 201,000, lower than the expected 218,000. The market believes that the Federal Reserve may not be so cautious about easing policy this year. Reports about Trump's tariffs also provide safe-haven support for gold prices, but U.S. Treasury yields have also risen as a result, and the U.S. dollar has continued to rise, which has made gold bulls cautious.

Although the U.S. dollar has continued to strengthen overall recently, the resilience of the U.S. labor market has brought uncertainty to gold bulls, and the Fed's interest rate cuts this year may be small, but gold prices are still stable and adjusted to rise, still supported by geopolitical tensions, concerns about strict U.S. tariffs, and central bank buying. Gold is still at a crossroads, hesitating between a stronger dollar, inflationary pressure, Fed policy expectations and growing geopolitical uncertainty.

From the daily level of spot gold, gold prices fluctuated and rebounded yesterday, recording a large real body positive candlestick pattern. At present, the MACD indicator double line is in the process of golden cross operation, and the price is back above the MA5 moving average, suggesting that the overall rebound process is in the short term, and attention should be paid to the support effect of the MA5 moving average.

From the 4-hour level of spot gold, since the oscillation at the 2633 line on Monday, the gold price has maintained a volatile rebound trend. At present, the overall price has rebounded to the 2660 line, and the moving average cluster presents a long arrangement, suggesting that the price may have a chance to rebound further in the future. It is recommended to pay attention to the support strength of the MA5 and MA10 moving averages during the day. Pressure: 2670-2680-2690 Support: 2660-2650-2640.

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.