Gold market analysis

"Gold Price Fluctuates but Market Pattern Remains Unchanged" 12/2/2026 10:36 Completed

The U.S. added 130,000 non-farm jobs in January, far exceeding the expected 66,000. Among them, private sector jobs increased by 172,000, more than twice the expected 70,000. The unemployment rate dropped from 4.4% to 4.3%, and the average hourly wage rose by 3.7% year-on-year. The data was stronger than expected, causing gold prices to plunge sharply. Spot gold prices dropped from $5,084 to $5,020. However, it gradually recovered lost ground and reached a high of $5,098 in the New York midday session. It was constrained by the $5,100 mark and retreated to $5,067, then fluctuated upward. 
This morning, the gold price opened higher in the Asian market with a gap and once reached as high as $5,100.5. However, it was again blocked and dropped sharply, hitting a low of $5,045.83 before rebounding continuously. It is currently hovering below $5,070. Although the gold price rose to $5,119.22 in the early part of the New York market yesterday, it quickly fell back. However, investors should note that from the hourly chart, the gold price has broken through the resistance of the descending track of the narrowing triangle and closed above $5,111.95. Moreover, the overall trend has been gradually rising since the beginning of this week. If it can continue to close above $5,047 in the short term, it is expected to maintain an upward trend. Besides $5,047, the lower limit of the upward gap on Monday, $4,964.73, is even more crucial. If this level is breached, it indicates that the gold price is adjusting in a double top pattern, and the possibility of testing the neckline at $4,654.86 in the future will increase. 
Although the gold price closed above $5,100 on the hourly chart yesterday, it then experienced a double-line decline with a lower high and lower low. This morning's sharp drop also led to a large bearish candle on the hourly chart, with the top of $5,100.5 becoming an important resistance level for the day. It can be seen that $5,100 and $5,110 remain strong short-term resistance levels for the gold price. If these levels are broken, it is necessary to manage risks carefully when chasing higher prices. After the significant fluctuations, the gold price is still trading within the range of $5,000 to $5,100. Before a major breakthrough occurs, it is still advisable to adopt a range-bound trading strategy. 
The above content is for reference only and does not constitute investment advice.