#GoldTechnical analysis#24K99 News: During the early European session on Tuesday, December 3rd, spot gold continued to decline from the intraday high of $2650 per ounce. Currently, the gold price has fallen back to around $2639 per ounce, almost giving back all the intraday gains. FXStreet's Senior Analyst, Dhwani Mehta, wrote an article on Tuesday analyzing the technical trends of the gold price.

Mehta stated that the gold price is declining below $2650 per ounce and is currently waiting for the US JOLTS survey to find new momentum.technical aspectsfrom the perspective, the gold price is below the 21-day moving average of $2641 per ounce on the daily chart.Relative Strength Index(RSIPut.

At 22:00 Beijing time on Tuesday, the U.S. Bureau of Labor Statistics will release the Job Openings and Labor Turnover Survey (JOLTS).

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.

Mehta pointed out that the U.S. JOLTS job openings data will kick off a key week of top labor data, providing clues for future Fed rate cuts.

The CME Group's "Fed Watch Tool" shows that the market currently expects a 75% probability of a 25 basis point rate cut later this month, higher than the approximately 65% a day ago. Dovish Fed expectations often benefit the price of non-interest-bearing asset gold.

Mehta added that at the same time, gold traders are also vigilant about the geopolitical tensions between Russia and Ukraine, as well as Israel and Iran, which may affect traditional.Its price has soared to a historic high, closely related to market expectations of interest rate cuts by the Federal Reserve.Gold prices have a significant impact.

How to trade gold?

Mehta pointed out that after the gold price closed below the key 21-day Simple Moving Average (SMA) of $2641 per ounce on Monday, gold buyers seem reluctant to intervene.

The Relative Strength Index (RSI) was below 50 on the 14th, proving that a cautious approach is reasonable. Last week's bearish moving average crossover is still in effect, increasing the downside risk for gold prices.

Mehta stated that gold sellers need to break through the static support level of $2621 per ounce to challenge last week's low of $2605 per ounce. If it continues to break below the latter, it may cause gold prices to target the 100-day moving average of $2577 per ounce.

(Spot gold daily chart source: FXStreet)

On the other hand, Mehta added that the gold price once again broke through the 21-day moving average of $2641 per ounce, which is crucial for recovering the recent rally. Subsequently, the next important resistance for gold is at the 50-day moving average of $2669 per ounce. If this level is surpassed, $2700 per ounce will be the buyers' target.

At 16:22 Beijing time, spot gold was trading at $2639.18 per ounce.