On Friday (January 9th) in early Asian trading, spot gold fluctuated at high levels, currently trading at $4476.51 per ounce. During the Asian session on Friday (January 9th), spot gold failed to continue the strong rebound from near the $4400 mark the previous day and encountered new selling pressure, falling about 0.2% on the day, currently trading around $4470 per ounce. The US dollar index held onto its gains of the past two weeks and briefly touched a near one-month high, approaching the 99.00 mark, which pressured dollar-denominated commodities.

Investors' attention has turned to the upcoming US December non-farm payrolls report to be released on Friday, January 9th. This data is considered a key indicator for judging the direction of the Federal Reserve's monetary policy. As a non-yielding asset, gold naturally has an advantage in a low-interest-rate environment. If the non-farm payroll data is weak, reinforcing expectations of an interest rate cut, gold prices are likely to receive strong support. Conversely, if the data is stronger than expected, it could trigger a short-term pullback.

Looking at the daily chart for spot gold, although the previously released ADP data was not ideal, which initially helped gold prices attempt to break through the $4500 mark, the gradual rebound of the US dollar index ultimately pushed gold closer to the $4400 level, where it is currently facing intense testing by both bulls and bears. At present, the short-term moving average group is still slightly turning upwards, which is also a key support level. However, the MACD indicator warrants attention regarding the possibility of a death cross correction, and this should be considered in conjunction with tonight's non-farm payroll data.

Looking at the 4-hour chart for spot gold, due to the continuous decline mid-week, a clear head and shoulders pattern has emerged again, with the highs gradually decreasing, which is not an ideal signal in the short term. The current moving average group is rather chaotic and offers limited help for now. The MACD indicator below has formed a death cross and is expected to move closer to the zero line. Therefore, before major news releases, it is recommended to maintain a high-sell, low-buy trading strategy. Resistance: 4470-4480-4490; Support: 4455-4440-4430.

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.