In the early Asian session on Thursday (December 19), spot gold hovered at a low of nearly a month, currently trading around $2588.47 per ounce. Gold prices fell by more than 2% on Wednesday, hitting a low of 2583.65, the lowest since November 18, and closed at $2585.48 per ounce. Previously, the Federal Reserve lowered the policy interest rate range by 25 basis points to 4.25%-4.50% as expected, but pointed out that it would slow the pace of further decline in borrowing costs, thereby boosting the dollar and Treasury yields, and gold prices were under pressure.

In addition, on the evening of December 18, local time, according to an anonymous Hamas official, the Palestinian Islamic Resistance Movement (Hamas) and Israel made significant progress in negotiations on the phased release of detainees and a ceasefire agreement. This also suppressed the safe-haven demand for gold.

From the daily spot gold market, the gold price fluctuated yesterday, recording a cross star K-line. The price fell sharply in the early morning of today. Although it once dropped to the 2584 line, there are signs of rebounding above the 2600 integer mark. This position is the main low point support since late November. It is recommended to pay attention to the defense of this position.

From the 4-hour spot gold market, the gold price has maintained a fluctuating decline since the 2726 line position was under pressure. The decline was further increased in the early morning of today. The MACD indicator double line sent a dead cross signal again. However, the price rebounded in a short period of time to test whether the main low point 2620 support position has been converted into pressure. Therefore, it is necessary to pay attention to the defense of this position during the day, and also pay attention to the suppression effect of the two moving averages MA5 and MA10. Pressure: 2620-2630-2640 Support: 2610-2600-2590.

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.