On Tuesday (December 16) in early Asian trading, spot gold traded around $4307 per ounce. The price pullback was mainly due to market reactions to news of progress in talks between the US and Ukrainian President Zelensky, which weakened gold's safe-haven appeal. Simultaneously, some investors chose to take profits after recent gains, also putting pressure on gold prices.

The release of US employment data will be the next key turning point. Strong data could further boost the dollar and suppress gold prices; conversely, weak data could reignite expectations of interest rate cuts, driving a gold price rebound. Investors need to closely monitor the interaction between geopolitical developments and economic indicators to seize market opportunities. In the current environment of uncertainty, gold's role as a safe-haven asset will continue to play a role, but short-term volatility should not be ignored.

From the daily chart for spot gold, yesterday's price action saw a surge followed by a pullback, resulting in a candlestick pattern with a long upper shadow. Today's price action suggests a potential further decline. However, the MACD indicator is currently in a golden cross, so the support level of the 5-period moving average (MA5) needs to be monitored.

From the 4-hour chart for spot gold, after breaking out of the previous consolidation range, the price rebounded for a period, but the resistance at 4354 proved strong. Currently, the price is fluctuating downwards, and the MACD indicator has issued a death cross signal, indicating that the price is entering a correction phase. During the day, pay attention to the strength of the MA5's resistance. Resistance: 4300-4310-4320; Support: 4290-4280-4270.

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.