In the early Asian session on Friday (January 10), spot gold fluctuated narrowly and is currently trading near the 2670 mark. Gold prices rose to a four-week high on Thursday, supported by safe-haven demand. Several Fed officials spoke that interest rate cuts should be suspended or treated with caution. At the same time, investors are also weighing the impact of US President-elect Trump's policies on the economy and inflation.

U.S. Treasury yields closed down 0.26% on Thursday. Traders assessed the possible impact of the policies proposed by President-elect Trump's incoming administration on the economy. A round of large sell-offs on Wednesday once caused the 10-year Treasury yield to rise to the highest level in more than eight months. But the uncertainty of Trump's policies also provides safe-haven support for gold prices. The U.S. non-agricultural employment data to be released on this trading day may affect gold prices.

From the daily level of spot gold, although the market amplitude this week seems very active, the range of changes is not large. It is still mainly fluctuating around the 2650 line, and the MACD indicator is still in a sticky state. It is estimated that it will not play a significant role in the short term. However, the MACD indicator is about to test the 0 axis. If it can break through further, it may provide some support in the short term.

From the 4-hour level of spot gold, after a steady upward trend this week, the current gold price has successfully returned to above 2650 and once refreshed the high point of nearly a month. If it can stand firm further, it has the opportunity to approach the 2700 mark again. At this stage, the short-term moving average group has formed a long arrangement, and the MACD indicator also continues the golden cross state above the 0 axis. However, considering that the non-agricultural data will be announced in the evening, it is recommended to remain stable before that.

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.