On Thursday (November 27) in early Asian trading, spot gold traded in a narrow range, currently hovering around $4167.86 per ounce. Thursday is Thanksgiving in the US, and the gold market will close early, potentially limiting trading activity. Yesterday, spot gold prices surged, hitting a more than one-week high, closing at $4163.78 per ounce, a gain of 0.8%, having touched a peak of $4173.31 during the session. This upward trend was mainly driven by a sharp increase in market expectations for a Fed rate cut in December, making non-yielding gold stand out in a low-interest-rate environment.

Combining recent US economic data, the dollar's performance, the bond and stock markets, and the latest insights from the Fed's Beige Book, we can see that an optimistic outlook for the gold market is gradually unfolding. Despite mixed economic signals, investor confidence in gold remains strong, with most institutions predicting its average price will break the $4,000 mark (currently around $3,320) in 2026, or even higher.

Looking at the daily chart for spot gold, yesterday's price continued its rebound, recording a bullish candlestick with a clear body. The MACD indicator is currently showing a golden cross, suggesting a possible return to bullish control. However, the recent trading range has narrowed significantly, potentially facing resistance above. It's crucial to watch whether the 5-period moving average (MA5) can provide effective support.

Looking at the 4-hour chart for spot gold, the price tested the lower support level twice, and after confirming the neckline support this week, further rebounds occurred. However, short-term pressure has emerged, causing the MACD indicator to turn downwards, suggesting a risk of a pullback today. The key support level to watch is the 4110-4120 range. 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.