On Friday (December 12) in early Asian trading, spot gold traded in a narrow range, currently at $4276.29 per ounce. Yesterday, following the Fed's third consecutive 25 basis point rate cut, gold prices rebounded strongly, with spot gold rising 1.2% to a more than one-month high of $4285.75 per ounce. This surge in precious metals prices was driven not only by a weaker dollar and continued inflationary pressures but also by the upcoming non-farm payroll report.

Global geopolitical turmoil provided additional support for gold. US President Trump stated he would assist with Ukraine's security affairs and might attend related meetings, suggesting a possible turning point in the situation in Ukraine, although uncertainty remains. Meanwhile, Trump's tough stance on Venezuela, stating that "action on land will begin soon," exacerbated regional tensions, while Venezuelan President Maduro condemned the US seizure of the oil tanker as a "crime." Furthermore, Israeli Prime Minister Netanyahu convened a security cabinet meeting, expressing concerns about a potential resumption of military action against Lebanon. While these events haven't directly erupted, they have increased global uncertainty, driving funds into gold as a safe haven.

From a daily chart perspective, although a Fed rate cut is a foregone conclusion, the market has already priced it in, limiting its positive impact on gold prices. Currently, gold is hovering slightly above the $4200 mark, primarily due to the significant uncertainty surrounding whether a rate cut will occur next month. The market will await several non-farm payroll data releases. At present, the support from moving averages and the MACD is quite limited, and continued consolidation before the weekly close is possible.

From a 4-hour chart perspective, despite numerous positive market fundamentals, gold prices briefly surged again, but the inability to break and hold above $4250 means it remains within the previous triangle consolidation pattern, unable to break out further. Currently, the moving averages are slightly turning upwards, but the support is limited, and the MACD indicator is still near the zero line. Therefore, the recommended trading strategy is to buy low and sell high. Resistance: 4275-4290-4300; Support: 4260-4250-4240.

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.