On Tuesday (November 25) during the Asian session, spot gold briefly touched a one-and-a-half-week high, reaching $4155.70 per ounce, before slightly retreating and currently trading around $4145, a gain of approximately 0.21%. This upward movement was mainly driven by market expectations of a dovish stance from the Federal Reserve—following recent statements from several key Federal Open Market Committee (FOMC) officials, the market widely bets on another rate cut by the Fed in December. This curbed the dollar's momentum from last week's rise to multi-month highs, providing support for zero-yield gold.

In addition to monetary policy factors, the ongoing Russia-Ukraine conflict and the renewed armed confrontation in the Middle East also constitute another driving force supporting safe-haven gold. However, the generally strong risk appetite in global stock markets has somewhat suppressed aggressive buying by gold bulls. Market sentiment remains cautious, with investors closely watching key US macroeconomic data releases this week – primarily the Producer Price Index (PPI) and retail sales figures later on Tuesday – which could provide new trading direction.

From a daily chart perspective, spot gold prices rebounded yesterday, forming a bullish candlestick with a lower shadow. Today's further rebound has caused the MACD indicator to turn upwards, but no golden cross signal has been issued, suggesting that whether gold prices can rebound further remains uncertain. It is recommended to pay attention to whether the MA5 moving average can provide effective support.

From a 4-hour chart perspective, after a period of consolidation, gold prices rebounded yesterday. The MACD indicator has begun a golden cross, and the short-term moving averages are also showing a bullish alignment, suggesting that the bulls are gaining strength. Intraday, continue to monitor the support levels of the MA5 and MA10 moving averages. Resistance: 4150-4160-4170; Support: 4140-4130-4120.

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.