On Wednesday (December 4), gold prices rose to $2648, but the market remains cautious. Upcoming comments from Federal Reserve Chairman Powell and ADP employment data later this week could impact the market. Silver rebounded from a strong support area, while the euro/usd exhibited volatility near its long-term support zone.

After a sharp decline following the US presidential election, the euro/usd has fluctuated widely near long-term.ResistanceThis price consolidation reflects a similar pattern in the usd, maintaining a strong resistance level around 107. The market continues to adopt a cautious stance, awaiting key economic data and policy insights that could impact the direction of this currency pair.

Key areas of focus include the final HCOB services PMI data for Germany and the eurozone, as well as the producer price index (PPI) for the eurozone. These reports are expected to provide important insights into the economic performance of the region. Additionally, remarks from European Central Bank President Christine Lagarde and committee member Siboni may reveal more details about the European Central Bank's monetary policy.

However, due to broader economic challenges, the euro still faces pressure. Market participants are particularly focused on the upcoming USnon-farm payroll datadata, which could become a key driver for the euro/usd's movement. A stronger-than-expected non-farm payroll report could boost the usd, placing downward pressure on the euro. Conversely, weaker results could provide short-term support for this currency pair.

On the other hand, the usd continues to be under pressure in the resistance area, supporting euro/usd in the support area. The market is awaiting ADP employment changes, ISM services PMI, factory orders, and a speech from Fed Chair Powell. These developments could influence the trend of the usd. Gold and silver prices remain subdued, waiting for key US economic data to provide further direction.

The following are the latest insights from FXEmpire analyst Muhammad Umair on gold, silver, and euro.Technical analysis：

Gold Technical Analysis

The daily chart of gold shows that the price is consolidating below the 50-day moving average, indicating a lack of clear direction. The price is forming an ascending channel pattern and continues to be supported by the 100-day moving average, suggesting an upward trend. However, the recent consolidation below the 50-day moving average indicates a potential further retracement before the next rise. Additionally,RSIstill below the midline, suggesting that it may continue to face corrective pressure. The employment data released this Friday is expected to provide further direction for the gold market.

(Source: FXEmpire)

The 4-hour chart of the gold market shows that prices are consolidating above the resistance level of 2550 usd. The RSI is also stabilizing around the midpoint, indicating that the gold market lacks a clear direction, and a drop below 2550 usd would negate the call momentum.

(Source: FXEmpire)

Technical analysis of silver.

The daily chart of silver shows strong bullish momentum in an upward channel pattern. The formation of a bullish hammer and the positive price movement at the resistance level suggest that prices could continue to rise. Prices remain above the 200-day moving average, indicating an overall upward trend. However, the RSI is close to the midpoint, and prices are challenging the 50-day moving average. A breakout above 32 usd would trigger the next upward move and push the RSI above the midpoint. Conversely, a drop below 29.60 usd would negate the bullish momentum of silver.

(Source: FXEmpire)

The 4-hour chart of silver shows that the price has formed a descending expanding wedge pattern, with resistance at $29.60. A rebound from $29.60 has formed an inverted head and shoulders pattern, indicating that the price is actively developing. Direct resistance within the descending expanding wedge is located in the $32.20-$32.50 area.

(Source: FXEmpire)

EUR/USD Technical Analysis

The daily chart of euro/usd shows that the price is nearing the long-term support area at $1.047. The usd touched the long-term resistance level of 107 when it reached this level. After Trump's victory, the ascending expanding wedge pattern broke downward, with significant volatility occurring near this area. If euro/usd fails to maintain this support area, it may continue the long-term downward momentum.

(Source: FXEmpire)

The 4-hour chart of the euro/usd shows that the price is trading within a downtrend channel. If this mmf pair breaks above the 1.0600 usd level, the bounce within the channel seems to be a call. If the mmf pair breaks above 1.06 usd, the next resistance will be around the 1.0700 usd area.

(Source: FXEmpire)