On Wednesday (December 3) in early Asian trading, spot gold traded in a narrow range, experiencing a slight pullback due to profit-taking, currently trading around $4208.69 per ounce. US President Trump made a tough statement on Tuesday, stating that any country trafficking illegal drugs to the US could be attacked. He specifically mentioned the cocaine issue in Colombia and the tensions in Venezuela, noting that US troops have been massing in the Caribbean. These remarks triggered a rebuttal from Colombian President Petro, further escalating international tensions. These events stimulated safe-haven demand, prompting investors to turn to gold as a safe haven.

Combined with the upcoming release of the US November ADP employment change, September import price index month-on-month, September industrial production month-on-month, and November ISM non-manufacturing PMI, if these data indicate economic weakness, coupled with geopolitical risks, it will further amplify the upward potential of gold.

From the daily chart for spot gold, after last week's steady rebound, the price has returned to near its previous highs. However, it hasn't yet successfully broken through and held above these levels, so whether it can further open up upward potential remains to be seen. Currently, the short-term moving averages have re-formed a bullish alignment, which should provide some support. The MACD lines are also gradually widening, suggesting a potential continuation of the strength this week and a move towards the 4300 level.

From the 4-hour chart for spot gold, after last night's rapid pullback, gold failed to hold the 4200 mark, causing a short-term adjustment in its price action. Currently, it may need to wait for the release of inflation data, after which the market will focus on the Federal Reserve meeting. The short-term moving averages are turning downwards, which will likely exert some pressure in the future. However, the MACD indicator is still above the zero line, so the recommended strategy is to buy low and sell high. Resistance: 4225-4230-4240; Support: 4210-4200-4190.

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.