On Monday (December 1st) during the Asian session, spot gold continued its upward trend, reaching a high of $4230.41 per ounce. The Fed's policy direction has always been the most important indicator for the gold market. Recently, dovish comments from Fed Governor Waller and New York Fed President Williams, along with a series of weak economic data released after the US government shutdown, have significantly strengthened market expectations for a December rate cut. Amid expectations of slowing economic growth, gold's non-interest-bearing nature has become particularly attractive.

The November ISM Manufacturing PMI on Monday, the ISM Services PMI on Wednesday, the weekly jobless claims on Thursday, and the October core PCE and the University of Michigan's preliminary December consumer confidence survey on Friday will all be key data releases. If these data continue to show economic weakness, it will further solidify expectations of a rate cut and push gold prices higher.

From a weekly chart perspective, gold prices surged last week under the influence of multiple positive factors, recording a large bullish candle. This not only broke through and held the key support level of 4150 but also returned above the short-term moving average group, which will provide good support in the future. Currently, the moving average group still shows a stronger bullish signal; however, the MACD indicator is in overbought territory, so attention should be paid to the potential limitations on price movement at the beginning of the week.

From a daily chart perspective, after last week's continuous rise, a clear bottoming pattern has emerged in the short term. However, to further open up upward space, it will likely need to break through the resistance level of 4250; otherwise, it may remain within a triangle consolidation range. Currently, the short-term moving average group is turning upwards at an accelerating pace, and the MACD indicator has formed a golden cross again above the zero line. Therefore, the recommended strategy for now is to buy on dips. Resistance: 4245-4260-4270; Support: 4230-4220-4210.

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.