On Friday (November 28) in early Asian trading, spot gold fluctuated narrowly, currently trading around $4163 per ounce, like a steady ship holding near a two-week high. Although it slightly retreated to $4157.22 per ounce on Thursday, a drop of only about 0.16%, it was just a step away from the two-week high of $4173 reached the previous day. Investors are closely watching the possibility of a US rate cut in December, and this expectation has become a key force supporting gold prices.

Currently, the peace negotiations in Ukraine are the focus of the market. Russian President Putin stated that the draft peace plan proposed by the United States could be the basis for ending the conflict, but if it cannot be achieved, Russia will continue to fight. In short, the current high-level fluctuations in gold prices are not a sign of weakness, but rather a prelude to a breakout. Supported by multiple factors including Fed rate cut expectations, a weak dollar, economic uncertainty, and geopolitical risks, the fundamentals of the gold market are solid. Investors should pay attention to the December Federal Reserve meeting; if an interest rate cut is implemented, gold prices may see a new round of gains.

From the daily chart perspective, after this week's continuous rise, gold prices have finally returned to the vicinity of 4150. Although this hasn't completely reversed the triangle consolidation pattern, it at least indicates relatively strong support below. Currently, the short-term moving averages are gradually turning upwards, which should provide some support in the future. However, the MACD indicator is still slightly above the zero line, meaning that a return to consolidation is still possible for some time.

From the 4-hour chart perspective, due to the Thanksgiving holiday in the US market, gold price fluctuations were not active last night, generally oscillating around the 4140-4175 range. Currently, the short-term moving averages are basically clustered together, providing limited support. Although the MACD indicator has formed a death cross, it is relatively close to the zero line, so the direction of the market is still unclear. For now, it is recommended to maintain a strategy of buying low and selling high. Resistance: 4190-4200-4210; Support: 4175-4160-4150.

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.