On Monday (November 3), spot gold traded around $3990 per ounce in early Asian trading. Hawkish comments from Federal Reserve officials last week pressured the market, while easing trade tensions dragged down gold prices. Bloomberg reported that China's cancellation of a long-standing gold tax incentive could hit consumers in one of the world's top gold markets. Affected by this news, spot gold fell to around $3963 per ounce in early Asian trading, a drop of nearly $40 on the day.

The US federal government shutdown has lasted for a month, and the non-farm payroll report scheduled for this week is almost certain to be absent. The Federal Reserve and market participants can only rely on secondary data from the private sector: Wednesday's ADP private employment report, Thursday's Revelio Labs job growth forecast, and the ISM manufacturing and services PMIs will be the focus this week.

From the weekly chart of spot gold, after last week's further retracement, the structure has formed two consecutive bearish candles and broken through the key MA5 support. The next step may be towards the MA10, currently below 3900. The overall moving average group remains strong, indicating a clear long-term advantage for the bulls, but short-term pullback is possible. This week, the final outcome of the US-China meeting will be crucial.

From the daily chart of spot gold, with the previous head and shoulders pattern gradually receding, the price is currently hovering around the 4000 mark. Especially after falling to 3900 last week before rebounding, this suggests a possible short-term consolidation. The moving average group is currently flat, and the MACD indicator is approaching the zero line, indicating that the battle between bulls and bears will intensify in the future. Therefore, the recommended strategy is to buy low and sell high. Resistance: 4015-4025-4040; Support: 4000-3990-3980.

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.