On Monday (November 24), spot gold prices fluctuated slightly higher in early Asian trading, currently trading around $4075 per ounce, as investors began to focus on the prospects for peace between Russia and Ukraine. Following Trump's unexpected proposal last week of a new 28-point peace plan and his demand for Ukraine's agreement by Thursday, the Ukraine issue has become a top priority for European leaders. European leaders hastily drafted counter-proposals and criticized the latest moves by the United States.

Last week's stabilization in gold prices was a product of the Fed's dovish shift, declining US Treasury yields, the double-edged sword of geopolitics, and weak demand. Gold demonstrated remarkable resilience but also exposed its inherent fragility. Investors need to continue to monitor changes in market expectations for Fed rate cuts, pay attention to geopolitical news, especially regarding the prospects for peace between Russia and Ukraine, and, in addition, the US Thanksgiving holiday this week may reduce market trading interest, and gold prices may continue to fluctuate. Investors need to be mindful of this.

From the weekly chart of spot gold, after a slight rebound at the end of last week, the price has temporarily returned above the moving average group, recording a small doji candlestick. However, this also indicates that the battle between bulls and bears is not yet completely over. Currently, the moving average group is generally in a bullish alignment, but if the MA5 cannot hold, it may test the support of the MA10 again. The MACD indicator below also warrants attention, as the two lines are narrowing.

From the daily chart of spot gold, due to the relatively low volatility recently, the short-term candlestick pattern shows a sideways consolidation. In the long term, it is gradually entering a triangle consolidation zone, indicating that the battle between bulls and bears will become more intense this week. Currently, the moving average group is basically converging and has little reference value. The MACD indicator's two lines are close to the zero axis. Therefore, the recommended trading strategy is to temporarily maintain a buy-low-sell-high approach. Resistance: 4060-4075-4090 Support: 4045-4030-4020

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.