On Wednesday (December 17) in early Asian trading, spot gold traded in a narrow range, currently hovering around $4306 per ounce. The release of the US November jobs report was the main driver of volatility in the gold market. Data showed that US job growth rebounded in November, but the unemployment rate unexpectedly rose to a four-year high of 4.6%. This not only strengthened market expectations for further Fed rate cuts but also pushed the dollar index to a two-month low, making gold more attractive to overseas buyers.

In addition to US economic data, the latest developments in the Russia-Ukraine conflict also provided important safe-haven support for gold. Gold prices fell on Tuesday as rumors of a peaceful future in Ukraine dampened safe-haven demand, but subsequently rebounded. The Russian Ministry of Defense stated that it had taken control of the Novoplatonovka settlement in the Kharkiv region and carried out 154 strikes on Ukrainian military facilities, destroying multiple armored vehicles and drones. Ukraine reported repelling Russian attacks from multiple directions, destroying Russian tanks and artillery. These developments indicate that geopolitical tensions are far from easing, and any escalation of the conflict could quickly boost gold demand.

From a daily chart perspective, yesterday's gold price action was mainly range-bound, resulting in a doji candlestick pattern. Although the price rebound slowed and a pullback occurred, it ultimately closed above the 5-day moving average (MA5). Furthermore, the MACD indicator is still in a golden cross formation, suggesting further upward potential. Today, continue to monitor the support level of the MA5.

From a 4-hour chart perspective, gold prices retreated after encountering resistance at the 4354 level. However, the support around 4270 is relatively strong. Currently, the price is in a wide-range consolidation phase. The MACD indicator shows signs of a golden cross as the price rebounded. Intraday, pay attention to the support levels of the MA5 and MA10 moving averages. Resistance: 4330-4340-4350; Support: 4320-4310-4300.

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.