GOLD dropped and recovered quickly, new news from Korea, NFP
On the Asian market on Friday (December 6), 
XAUUSD Spot delivery suddenly increased sharply in the short term. Gold prices have increased sharply from an intraday low of nearly 2,613 USD/ounce and are currently trading around 2,643 USD/ounce, close to the technical level of 2,644 USD.
There was news that South Korea might impose martial law for a second time, which quickly increased market risk aversion and stimulated a sharp increase in gold prices.
According to the latest report from Yonhap News Agency on Friday, South Korea's opposition parties may seek to hold an impeachment vote on President Yun Xiyue at 5 p.m. local time on Saturday.
South Korean media JTBC reported on Friday that the Military Human Rights Center held an emergency press conference at its office in Mapo district, Seoul in the morning, following the instructions of superiors, commanders The squadron commander's superiors could convene an emergency press conference before the 8th.
The Military Human Rights Center emphasized that this was Yoon Seok-yue's Sign that martial law would be reintroduced.
South Korean President Yoon Seok-yue suddenly declared martial law on the evening of December 3, with the reason of eliminating pro-North Korean forces and protecting constitutional order. The South Korean National Assembly voted late at night to pass a resolution to "remove martial law", and Yoon Seok-yue finally announced that he would "remove martial law".
However, there are rumors that senior South Korean military officials have been asked to be on standby until December 8. This is something the market is eyeing as a sign that Yin Xiyue will declare martial law again.
In a headline on Friday, Yonhap news agency quoted the South Korean opposition party as saying lawmakers were on standby after receiving multiple reports of martial law being declared again.
Gold is considered a leading haven asset when the market receives risky impacts from geopolitical developments (especially in places closely related to the US).
On this trading day, investors will receive the release of the US non-farm payrolls report, which is expected to cause major fluctuations in the gold market.
US nonfarm payrolls jobs are expected to increase by 195,000 in November. Gold could rebound stronger on more disappointing jobs data, and come under some pressure ahead of the tabular data Non-farm wages are optimistic.
Today (Friday), the United States will release the November nonfarm payrolls report. Surveys expected 200,000 new jobs were added, but only 12,000 jobs were added in October, the lowest increase since December 2020.
The US unemployment rate is expected to increase slightly to 4.2% in November, from 4.1% in October. Additionally, average hourly wages in the US are expected to increase 0.3%. month-over-month in November. Annual wage growth will likely slow from 4% to 3.9%.
A report released by the US Bureau of Labor Statistics on Tuesday showed that the number of job vacancies in the United States increased again in October and the number of layoffs decreased, indicating market demand for workers are stable.
Analysis of technical prospects forXAUUSD
On the daily chart, after gold fell but fell short of its weekly target of $2,606 – $2,600 sent to readers in the weekly edition, it rose rapidly to retest the 2,644 technical level. USD.
Temporarily, gold's recovery does not give it enough conditions to increase in price as the Relative Strength Index is still operating below 50.
Along with that, the EMA21 is the closest resistance currently and as long as gold has not broken the price channel, it still has the main trend during this time which is down.
Once again gold falls below the 0.618% Fibonacci retracement level which will be the best condition to head towards the weekly target area at 2,606 – 2,600USD.
Meanwhile, expectations of a new bearish cycle will be opened once gold falls below the original price of 2,600 USD with the target then around 2,591 USD in the short term, more than 2,538 USD.
During the day, the technical outlook for gold remains bearish with notable points listed as follows.
Support: 2,634 – 2,606 – 2,600USD
Resistance: 2,644 – 2,657 – 2,663USD
SELL XAUUSD PRICE 2686 - 2684⚡️
↠↠ Stoploss 2690
→Take Profit 1 2679
↨
→Take Profit 2 2674
BUY XAUUSD PRICE 2584 - 2586⚡️
↠↠ Stoploss 2580
→Take Profit 1 2591
↨
→Take Profit 2 2596
XAUUSD Spot delivery suddenly increased sharply in the short term. Gold prices have increased sharply from an intraday low of nearly 2,613 USD/ounce and are currently trading around 2,643 USD/ounce, close to the technical level of 2,644 USD.There was news that South Korea might impose martial law for a second time, which quickly increased market risk aversion and stimulated a sharp increase in gold prices.
According to the latest report from Yonhap News Agency on Friday, South Korea's opposition parties may seek to hold an impeachment vote on President Yun Xiyue at 5 p.m. local time on Saturday.
South Korean media JTBC reported on Friday that the Military Human Rights Center held an emergency press conference at its office in Mapo district, Seoul in the morning, following the instructions of superiors, commanders The squadron commander's superiors could convene an emergency press conference before the 8th.
The Military Human Rights Center emphasized that this was Yoon Seok-yue's Sign that martial law would be reintroduced.
South Korean President Yoon Seok-yue suddenly declared martial law on the evening of December 3, with the reason of eliminating pro-North Korean forces and protecting constitutional order. The South Korean National Assembly voted late at night to pass a resolution to "remove martial law", and Yoon Seok-yue finally announced that he would "remove martial law".
However, there are rumors that senior South Korean military officials have been asked to be on standby until December 8. This is something the market is eyeing as a sign that Yin Xiyue will declare martial law again.
In a headline on Friday, Yonhap news agency quoted the South Korean opposition party as saying lawmakers were on standby after receiving multiple reports of martial law being declared again.
Gold is considered a leading haven asset when the market receives risky impacts from geopolitical developments (especially in places closely related to the US).
On this trading day, investors will receive the release of the US non-farm payrolls report, which is expected to cause major fluctuations in the gold market.
US nonfarm payrolls jobs are expected to increase by 195,000 in November. Gold could rebound stronger on more disappointing jobs data, and come under some pressure ahead of the tabular data Non-farm wages are optimistic.
Today (Friday), the United States will release the November nonfarm payrolls report. Surveys expected 200,000 new jobs were added, but only 12,000 jobs were added in October, the lowest increase since December 2020.
The US unemployment rate is expected to increase slightly to 4.2% in November, from 4.1% in October. Additionally, average hourly wages in the US are expected to increase 0.3%. month-over-month in November. Annual wage growth will likely slow from 4% to 3.9%.
A report released by the US Bureau of Labor Statistics on Tuesday showed that the number of job vacancies in the United States increased again in October and the number of layoffs decreased, indicating market demand for workers are stable.
Analysis of technical prospects for
XAUUSD On the daily chart, after gold fell but fell short of its weekly target of $2,606 – $2,600 sent to readers in the weekly edition, it rose rapidly to retest the 2,644 technical level. USD.
Temporarily, gold's recovery does not give it enough conditions to increase in price as the Relative Strength Index is still operating below 50.
Along with that, the EMA21 is the closest resistance currently and as long as gold has not broken the price channel, it still has the main trend during this time which is down.
Once again gold falls below the 0.618% Fibonacci retracement level which will be the best condition to head towards the weekly target area at 2,606 – 2,600USD.
Meanwhile, expectations of a new bearish cycle will be opened once gold falls below the original price of 2,600 USD with the target then around 2,591 USD in the short term, more than 2,538 USD.
During the day, the technical outlook for gold remains bearish with notable points listed as follows.
Support: 2,634 – 2,606 – 2,600USD
Resistance: 2,644 – 2,657 – 2,663USD
SELL XAUUSD PRICE 2686 - 2684⚡️
↠↠ Stoploss 2690
→Take Profit 1 2679
↨
→Take Profit 2 2674
BUY XAUUSD PRICE 2584 - 2586⚡️
↠↠ Stoploss 2580
→Take Profit 1 2591
↨
→Take Profit 2 2596
บันทึก
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.บันทึก
บันทึก
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.บันทึก
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.บันทึก
Gold broke out to 2,674 USD/ozบันทึก
World gold price recorded 2,662.73 USD/ounce in the first trading session of the week, increasing sharply and reaching a 2-week high of 2,680 USD/ounce, boosted by the information that the Central Bank of China (PBOC) rotated Return to buying gold reserves after 6 months of pause and expect the Fed to cut interest rates at next week's meeting.
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🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
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