Prolonged accumulation, GOLD may need impact from NFP data

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On the Asian market on Thursday (December 5), XAUUSD Spot delivery maintained a moderate decrease during the day, gold prices are currently down to about 2,645 USD/ounce as of the time this article was completed.

In terms of economic data on Wednesday, data from the ADP Research Institute and the Stanford Digital Economy Lab showed that the number of private sector jobs in the United States increased by 146,000 in November, less than expected. This number is expected to be 163,000.
The ADP report shows mixed job growth across industries. The education, health care and construction sectors led the gains, while manufacturing employment had its biggest decline in more than a year. Hiring is also lower in the financial services and entertainment industries, according to data from the ADP Research Institute.

Federal Reserve Chairman Powell participated in an exclusive interview with the "DealBook Summit" hosted by the New York Times on Wednesday. On monetary policy, he said at the meeting that policymakers may remain cautious about cutting interest rates further.
Regarding the US economy, Powell said the current situation is "very good" with falling inflation and relatively low unemployment. Powell noted that the US economy was stronger than expected in September, allowing the Fed to be more cautious in cutting interest rates.
Powell said that although inflation has not yet fully returned to the Fed's 2% target, there is no reason the economy cannot continue to grow.

New news of a ceasefire in the Middle East has affected the safe-haven asset XAUUSD
Israel has made a new proposal to Hamas regarding a ceasefire in Gaza, including a request to release some of the remaining 100 people detained by Hamas, Axios News reported this morning (Thursday).

Israeli officials say Israel hopes the killing of Hamas leader Yahya Sinwar, a ceasefire in Lebanon and pressure from US President-elect Donald Trump will create an opportunity to resume negotiations that have been deadlocked for three months. recently.
According to the report, Israeli officials revealed that the updated agreement framework mentioned above was reached after a meeting between Israeli Prime Minister Netanyahu and several senior ministers and heads of security agencies on the 1st of this month. . The new plan is similar to the principles discussed previously, but has some adjustments and is subject to adjustment and negotiation.
Israeli officials say Hamas has shown more flexibility and begun implementing parts of the agreement.
There are still 100 hostages being held in Gaza, including 7 Americans. The Israel Defense Forces believe that between 40 and 50 hostages are still alive.
Gold is a risk-on haven asset, so if the market has less risk of conflict or geopolitical tensions it will become less attractive.

Next event
The next big event will be the November US nonfarm payrolls report on Friday.
Surveys show US nonfarm payroll employment is expected to increase by 214,000 in November, up from 12,000 in October.

Analysis of technical prospects for XAUUSD
On the daily chart, the accumulation phase of gold prices continues to last with increasingly narrower amplitudes without any sudden waves to create a short-term trend.

With the current position, it is difficult to distinguish which possibility gold is leaning more towards compared to yesterday's trading day. With price activity moving around the EMA21 and Fibonacci retracement levels of 0.618% and the technical point of 2,644USD. On the other hand, the Relative Strength Index is also at 50, not going above or below this level. Taken together with the current position, gold is still neutral in the medium and short term.

Meanwhile, a short-term bearish cycle has the opportunity to open if gold is sold below the 0.618% Fibonacci level then the target level is about 2,606 USD in the short term, more than 2,600 USD.

During the day, gold is currently in a neutral position, but in the long term, the falling price channel is still the main trend and notable points will be listed as follows.
Support: 2,634 – 2,606 – 2,600USD
Resistance: 2,663USD

SELL XAUUSD PRICE 2681 - 2679⚡️
↠↠ Stoploss 2685

→Take Profit 1 2674
↨
→Take Profit 2 2669

BUY XAUUSD PRICE 2599 - 2601⚡️
↠↠ Stoploss 2595

→Take Profit 1 2606
↨
→Take Profit 2 2611

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🔴Spot gold fell below 2,630 USD/ounce, down 0.76% on the day.

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▫️Spot Gold stood at $2,640 an ounce, up 0.31% on the day.

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XAU/USD struggled to maintain its recovery momentum from the week-and-a-half low set at the beginning of the session, although it maintained a slight upward momentum in the first half of the European session. US government bond yields remain at the bottom amid forecasts that the Fed will loosen policy in December, supporting gold as it pushes the USD to a multi-week low.

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Precious metal prices increased 0.6%, trading below 2,650 USD/oz, after the PBoC's announcement to buy 160,000 ounces of gold last month.

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The market predicts that the Federal Reserve (Fed) will reduce interest rates by about 25 basis points by the end of the year. This expectation helps reduce US bond yields and lower inflation forecasts. The USD and bond yields fell after the jobs report, but this downward trend was only short-term.