#Gold Technical Analysis# 24K99 News On Tuesday (December 3rd), in the Asian market's late trading, spot gold surged sharply in a short time, with the gold price just touching $2650 per ounce, a short-term increase of $13. FXStreet analyst Haresh Menghani published an article on Tuesday analyzing the technical trend of gold prices.

(Spot gold 5-minute chart Source: FXStreet)

Menghani pointed out that bets against a less dovish Federal Reserve suppo****llar and had an adverse effect on gold trends. However, concerns about the trade war, geopolitical risks, and softening U.S. Treasury yields provided support for gold prices.

Russia launched at least 60 missiles at Ukraine. North Korean leader Kim Jong-un vowed that North Korea would continue to support Moscow until Russia achieves significant victories in Ukraine.

At 22:00 Beijing time on Tuesday, the U.S. Bureau of Labor Statistics will release the Job Openings and Labor Turnover Survey (JOLTS), which is expected to trigger another wave of volatility in gold prices.

Economists predict that the job openings in the USA in October, known as JOLTs, will be 7.51 million people, compared to 7.443 million people in September, the lowest level since the beginning of 2021.

The JOLTS job vacancy report is one of the labor force indicators that US Treasury Secretary Yellen values most when she served as the chair of the Fed. This indicator is also data that the Fed is highly concerned about in the labor market.

The Latest Technical Analysis of Gold

Menghani pointed out that once the gold price effectively breaks through the $2,650 per ounce area, it may encounter resistance at last Friday's volatility high (around $2,666 per ounce).

If it breaks through the mentioned resistance, the next important resistance level for gold is around $2,677-2,678 per ounce. Once this area is conquered, the gold price target may be to return to $2,700 per ounce.

(Spot gold 4-hour chart source: FXStreet)

On the other hand, Menghani added that the low on Monday (around $2,622-2,621 per ounce) now seems to limit the short-term downside potential for the gold price, with the next support at around $2,605-2,600 per ounce.

Some follow-up sell-offs may expose the 100-day simple moving average (SMA), currently around $2,577 per ounce. If this level can convincingly be broken, it should pave the way for the gold price to decline toward the volatility low of November (around $2,537-2,536 per ounce).

As of 14:24 Beijing time, spot gold is priced at $2,649.96 per ounce.