In the early Asian session on Tuesday (December 17), spot gold fluctuated in a narrow range and is currently trading around $2,652.01 per ounce. Gold prices bottomed out and rebounded on Monday, hitting a one-week low of $2,643.41 per ounce at the beginning of the session and closing at around $2,652.50 per ounce, supported by continued geopolitical concerns and a weaker dollar. 

However, the market is waiting for the Fed's policy meeting, and the wait-and-see sentiment is strong, and overall trading is cautious.

The US November retail sales monthly rate (commonly known as "horror data") and the US November industrial output monthly rate will also be released on this trading day. The market expectations are relatively optimistic, which may suppress the trend of gold prices. Investors need to pay attention.

From the daily spot gold market, yesterday's gold price was mainly volatile, recording a cross star candlestick pattern. Although the price has temporarily slowed down its downward trend, it is still under the pressure of the MA5 moving average, suggesting that the current gold price is still suppressed by the moving average, and it is not ruled out that it will further fall back to the 2630 line in the future.

From the 4-hour spot gold market, after the gold price fell from the 2726 line, it has been fluctuating widely at the 2655 line in recent times. As the oscillation time lengthens, the MACD indicator double lines begin to flatten. Therefore, it is recommended to focus on the oscillation idea for the time being, and pay attention to the oscillation in the 2650-2665 range and the breakthrough direction in the future market. Pressure: 2660-2665-2670 Support: 2650-2640-2630.

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.