On Friday (December 5th) in Asian trading, spot gold traded in a narrow range, currently around $4205 per ounce. With the release of US PCE data imminent, market sentiment is increasingly cautious, and trading range has narrowed significantly. On one hand, the rise in US 10-year Treasury yields has put downward pressure on gold prices, as higher yields often attract funds to the bond market, reducing gold's appeal. On the other hand, although the US dollar index rebounded slightly after hitting a one-month low, its overall weakness provides a buffer for gold.

The gold market is currently at a critical crossroads. The stability of gold prices reflects the interplay between resilient economic data and policy uncertainty. Although short-term volatility is limited, signals from the labor market and expectations of a Fed rate cut provide solid support for gold. Investors should closely monitor the PCE data; if inflationary pressures ease, gold may see new upward opportunities.

From the 4-hour chart for spot gold, recent price fluctuations have been relatively low. Although it briefly broke above 4250, it lacked the strength to further extend its upward momentum and is currently hovering around the 4200 level. The moving averages are currently converging, offering limited short-term guidance. The MACD indicator has also returned to near the zero line, suggesting a high probability of continued consolidation until next Wednesday.

From the 1-hour chart for spot gold, gold saw a slight rebound during the US session last night, but this wasn't enough to establish an immediate upward trend. Previous highs of 4242 and 4260 are key resistance levels. A break above these levels would be necessary to move closer to the 4300 mark. Currently, the moving averages are starting to turn upwards, and the MACD indicator is in a golden cross state, although it hasn't yet broken above the zero line. Therefore, the recommended strategy is to buy on dips. Resistance: 4220-4230-4240; Support: 4205-4195-4180.

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.