On Thursday (November 20) in early Asian trading, spot gold fluctuated slightly higher, currently trading around $4088 per ounce. On Wednesday, gold prices surged and then retreated, initially soaring 1.6% to a high of $4132.66 per ounce, but as the dollar index continued its upward trend, the market was dampened, and gold prices quickly fell back. The hawkish tone of the Fed meeting minutes and the dollar index hitting a near two-week high further dampened gold bullish sentiment, with gold ultimately closing up only 0.25% at $4077.79 per ounce.

Today's trading session will see the long-delayed September non-farm payrolls report, with the market expecting only 50,000 new jobs. If the data continues to be weak, it might give dovish sides a breather; however, unless a "super dovish" report (such as negative employment) is released, it will be difficult to reverse the expectation of no rate cut in December. The fundamentals of gold's super bull market (low interest rates + strong safe-haven appeal) are weakening, and short-term bulls need to be prepared for a rollercoaster ride.

Looking at the daily chart for spot gold, yesterday's price action saw a rise followed by a fall, resulting in a bullish candlestick with an upper shadow, indicating significant resistance. While the price rebounded somewhat today after finding support, the MACD indicator has already issued a death cross signal, suggesting further downside potential.

Looking at the 4-hour chart for spot gold, although the MACD indicator formed a golden cross today, the price has been consolidating since yesterday's pullback from around 4132, without a significant rebound, indicating current weakness. The key support level to watch is 4070. Resistance: 4080-4090-4100; Support: 4070-4060-4050.

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.