In the early Asian session on Friday (December 20), spot gold fluctuated narrowly and is currently trading around $2593.38/ounce. The U.S. data reinforced the market's expectations that the Federal Reserve will adopt a cautious easing policy in the next year. The U.S. dollar index and the U.S. 10-year Treasury yield continued to rise, suppressing the gold price.

However, because of Trump's tariff threats and uncertainty in policy prospects, as well as the turbulence of the geopolitical situation, gold prices still provide safe-haven support.

From the daily spot gold market, under the influence of the U.S. dollar index refreshing its recent highs, yesterday's gold price fell rapidly in the short term and once fell below the 2600 mark. Then it stabilized and gradually rebounded after stabilizing support. However, there is still no signal of a rebound. Instead, the head pattern is becoming more and more obvious. In addition, the moving average group began to turn downward, which may provide certain pressure in the future market. Therefore, it is not ruled out that there is still a possibility of a downward trend in the evening.

From the 4-hour spot gold market, since hitting a high of nearly a month last week, the gold price has been fluctuating and correcting. Although it successfully rebounded near the 2585 line yesterday, there is no way to reverse the trend for the time being, unless it quickly returns to above 2650, which is quite difficult at present, and the short-term moving average group and MACD indicators have released short signals, so it is recommended to maintain shorting on rallies. Pressure: 2605-2612-2620 Support: 2648-2640-2630.

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.