On Tuesday (December 9th) during the Asian session, spot gold traded in a narrow range, currently hovering around $4192 per ounce. The market is taking a brief respite ahead of the Fed policy meeting, with investors holding their breath awaiting Fed Chairman Powell's latest remarks. Meanwhile, geopolitical tensions, dollar volatility, and unexpected events such as the Japanese earthquake are all subtly influencing gold's price movements.

Furthermore, the US Treasury will auction a large amount of new debt this week, including $39 billion in 10-year Treasury notes on Tuesday and $22 billion in 30-year Treasury notes on Thursday. Strong demand (such as Monday's 2.64 bid-to-cover ratio for three-year Treasury notes) reflects investors' preference for fixed-income assets. However, overall, rising yields tend to compress the attractiveness of gold, as non-interest-bearing gold faces opportunity costs in a high-interest environment. Nevertheless, given the clear divisions within the Fed, this suppression may be temporary, and gold's anti-inflationary properties will likely become more prominent again.

From the daily chart for spot gold, yesterday's price action resulted in a bearish candlestick with a clearly defined body, falling back below the 5-day moving average (MA5). Although prices rebounded somewhat today, the MACD indicator has formed a death cross, suggesting the rebound may have ended. The next key level to watch is whether the MA5 has turned into resistance.

From the 4-hour chart for spot gold, after two tests, prices failed to break through the resistance level of 4260, subsequently falling back. While there is significant support around 4176, the MACD indicator is still in a death cross, suggesting further downside potential. The 10-day moving average (MA10) should be monitored for resistance today. Resistance: 4200-4210-4220; Support: 4190-4180-4170.

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.