#美国就业数据不及预期 Gold bullish momentum continues, buying on dips remains the main strategy

On Wednesday, gold prices continued to rise at the open. Although the US dollar performed strongly, it still couldn't suppress the rebound momentum. The Fed's rate cut expectations are exerting pressure from behind, combined with safe-haven buying triggered by geopolitical tensions. These two forces have kept gold's bottom quite stable. The overall trend remains bullish, and in the short term, dips can be considered as entry points for long positions.

During the day, pay attention to US November retail sales data and PPI, as these economic indicators are expected to be somewhat bearish for gold prices. Short-term upward momentum could be easily disrupted by these data releases. After the announcement, wait until the actual figures are clear before taking action.

From a technical perspective, after a recent continuous rise, gold has formed a support level around 4570. Currently, it faces resistance near 4640. The bullish trend hasn't changed, but the key target levels are in the 4680 to 4700 range. Be cautious of a correction after a rally. Previously, gold surged close to 4630 but then fell back to 4570, indicating that both bulls and bears are still battling.

Tonight's trading should not rush to chase highs. Focus on the 4570 support. If it breaks, the next target could be around 4520. On the upside, watch the high near 4650; do not get too optimistic before it stabilizes. A prudent approach is to place low buy orders near the support level. If the price fails to break through the 4650 resistance zone, consider a light short position with a stop-loss. If a strong breakout above 4650 occurs, the upward space opens up, and subsequent targets can be aimed at 4680.