On Thursday (December 18) in early Asian trading, spot gold traded in a narrow range, currently hovering around $4340 per ounce. Following the release of the US November jobs data, market sentiment quickly turned optimistic. Although the number of new jobs reached 64,000, exceeding expectations, the unemployment rate unexpectedly rose to 4.6%, the highest level since September 2021. This data revealed potential signs of weakness in the labor market, which investors generally interpreted as a signal that the Federal Reserve might accelerate interest rate cuts. As a non-interest-bearing asset, gold often performs well in a low-interest-rate environment because interest rate cuts reduce the opportunity cost of holding gold, thereby attracting more capital inflows. Today's focus is on Trump's national address and the delayed release of the US November CPI data.

In addition to the impact of economic data, the deteriorating international geopolitical situation also provided strong support for gold. US President Trump on Tuesday ordered a blockade of all sanctioned oil tankers entering and leaving Venezuela, the latest move by Washington to pressure the Maduro government and further escalate tensions between the two countries. Even more alarming, according to US journalist Tucker Carlson, citing members of Congress, Trump may take military action against Venezuela. This potential military risk quickly ignited risk aversion in the market, driving investors to safe-haven assets such as gold.

From a daily chart perspective, spot gold prices rose slightly yesterday, forming a doji candlestick pattern with a bullish body. Although the price has remained above the 5-day moving average (MA5) and the MACD indicator has maintained a golden cross, gold prices have been suppressed by previous highs. Currently, the support level is approaching the resistance level, which may reveal the future trend.

From the 4-hour chart for spot gold, prices have repeatedly encountered resistance below 4340 recently. The short-term moving averages and the MACD indicator are converging, suggesting that the price is currently in a period of directional uncertainty. Intraday, pay attention to the 4330-4340 range and the direction of any breakout. Resistance: 4340-4350-4360; Support: 4330-4320-4310.

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.