On Friday (November 21), spot gold fluctuated downwards, falling approximately 0.60% to around $4050 per ounce. The previous trading day saw significant volatility in spot gold, ultimately closing steadily at $4077.17 per ounce. On Thursday, it reached a high of $4110.03 and a low of $4038.82. The gains previously brought by the delayed release of the US September non-farm payrolls data have been completely erased. Currently, gold prices are still about 7.00% lower than the historical high reached in October ($4381.29), representing a staggering 55% increase by 2025.

The stronger-than-expected employment figures directly suppressed gold prices: The market had originally expected only a 50,000 increase in September's non-farm payrolls, but the actual data showed an increase of 119,000, more than double the weak increase of 22,000 in August. This better-than-expected performance highlights the stronger-than-anticipated recovery in the US labor market. Strong non-farm payroll data typically indicates a robust US economic foundation, which strengthens the US dollar index. As a non-interest-bearing asset, gold's attractiveness decreases when the dollar strengthens, thus putting direct downward pressure on spot gold prices.

Looking at the daily chart for spot gold, yesterday's price movement, while significant, ultimately resulted in a doji candlestick, indicating continued intense competition between bulls and bears. Despite the non-farm payroll data release, with the expectation of a Fed rate cut remaining unchanged, gold is unlikely to open up further upside. Currently, short-term moving averages are largely converging, and the MACD indicator is near the zero line, suggesting a consolidation phase before the weekly close.

Looking at the 4-hour chart for spot gold, after last night's non-farm payroll data release, gold prices rose instead of falling, recovering much of the day's losses, but still failed to hold above the 4100 mark, indicating a lack of clear direction. The current short-term moving average crossover is complex and offers limited guidance, while the MACD indicator is about to return to near the zero line. Therefore, for now, a strategy of buying low and selling high is recommended. Resistance: 4068-4055-4040; Support: 4055-4040-4030.

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.