On Monday (November 17th) during the Asian session, spot gold is currently trading around $4067.64. Although last week's cumulative gains barely held onto a narrow 2% range, the reality of a 3.5% drop from the mid-week high has cast a heavy shadow over the entire precious metals sector. Under the dual pressure of uncertainty surrounding Federal Reserve policy and a lack of US economic data, the gold bulls have been forced to pause.

Looking ahead to this week, the fate of the gold market will hinge on a new round of economic data "storm." Monday's New York Fed Manufacturing Index will kick things off, providing an initial reading of the regional economic pulse. Wednesday's Federal Open Market Committee (FOMC) meeting minutes will be a key window for the market to decode the October decisions, with investors searching for clues about inflation and employment. Thursday's US September non-farm payrolls report, Philadelphia Fed Manufacturing Index, weekly initial jobless claims, and existing home sales data will further test the resilience of the housing and labor markets. Friday's preliminary manufacturing PMI figures for Europe and the US, along with the revised University of Michigan Consumer Sentiment Index, could amplify market volatility, especially if they indicate persistent inflation or weak consumption.

From a daily chart perspective, gold prices fell sharply on Friday, forming a large bearish candlestick. Although the MACD indicator is still in a golden cross, the price broke below the MA5 support, causing the indicator lines to turn downwards. The MA5 should be monitored for effective resistance.

From a 4-hour chart perspective, after encountering resistance around 4244, the MACD indicator issued a death cross signal, suggesting the end of the price rebound. Currently, gold is maintaining a downward trend. Intraday, attention should be paid to the resistance of the MA5 and MA10 moving averages, while support is expected around 4060. Resistance: 4090-4100-4110; Support: 4080-4070-4060.

Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.