On Wednesday (November 26) in early Asian trading, spot gold traded in a narrow range, currently hovering around $4133 per ounce. On Tuesday, gold prices held steady around $4130 per ounce. Despite being influenced by weak US economic data and rising expectations of a Fed rate cut, it briefly touched a high of $4159.15 on Tuesday, but the overall trend remained stable, failing to break through further. Trading was limited due to the upcoming US Thanksgiving holiday.

The latest indicators of the US economy show clear signs of weakness, directly reinforcing market expectations of a shift in Fed monetary policy. September retail sales grew by only 0.2%, far below economists' expectations of 0.4%, and the strong 0.6% growth in August failed to continue. This signal of slowing consumption has raised concerns among investors about the overall weakening momentum of the US economy. In such an economic environment, gold, as a non-interest-bearing asset, naturally benefits from low interest rate expectations, as it often performs well during periods of economic instability. From a weekly chart perspective, gold prices have been consolidating in recent weeks but have not broken below the 10-week moving average support. This week's price action has rebounded strongly from this level, indicating increased bullish momentum. The Bollinger Bands also continue their upward trend, suggesting a bullish outlook. Even if prices don't rise further, the market is expected to fluctuate within a range. Therefore, a short-term rebound to test the $4300 level is still possible, with the support level remaining above the 10-week moving average, maintaining a bullish bias.

From a daily chart perspective, gold prices have been consolidating above the middle Bollinger Band support recently and are currently holding above the 30-day moving average, indicating a bullish advantage. The focus remains on the 30-day moving average and the middle Bollinger Band support, with the bullish outlook continuing. The upside target is $4260 or $4380. Support levels to watch are around $4125 or $4105; resistance levels are around $4170 or $4200.

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.