On Wednesday (November 19) in early Asian trading, spot gold traded in a narrow range, currently hovering around $4070 per ounce. The latest US employment data, which showed a complete collapse, directly pulled the expectation of a Fed rate cut in December back to around 50%. Spot gold rebounded sharply from a one-week low of $3998 touched during the session, reaching a high of $4080, and ultimately closed up 0.54% at $4067.44, ending a three-day losing streak and staging a "king's return"!

Today, market attention will turn to the Fed meeting minutes. In addition, the Fed's "number three," permanent FOMC voting member, and New York Fed President Williams will speak today, which investors should pay close attention to.

From the daily chart for spot gold, prices rebounded during the US session yesterday, forming a long lower shadow doji, indicating a potential short-term rebound. However, this depends on the continuation of the upward trend over the next two days. Currently, the short-term moving averages are quite mixed and offer no clear guidance, while the MACD indicator is near the zero line, suggesting intense competition between bulls and bears. Continued consolidation is possible before the release of the non-farm payroll data.

From the 4-hour chart for spot gold, after yesterday's bottoming out, prices have temporarily returned above 4050, mainly due to weak US labor market performance. However, a return to an upward trend may require a break above 4120. Currently, the short-term moving averages are gradually turning upwards, and the MACD indicator is providing support above the zero line. For now, a strategy of buying low and selling high is recommended. Resistance: 4078-4085-4100; Support: 4065-4050-4040.

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.