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Core Viewpoint - The current gold price movement is characterized as a consolidation phase rather than a peak, with a significant breakthrough expected in March 2024 [2][3]. Group 1: Current Gold Price Trends - As of December 4, 2023, spot gold is trading around $4,196.77 per ounce, showing a slight decline of 0.23% [1]. - Gold reached a high of $4,210.00 per ounce and a low of $4,194.23 per ounce during the trading session, indicating a short-term sideways movement [1]. Group 2: Market Analysis and Predictions - The recent price action of gold resembles a breakout trend for 2023 and 2024, rather than the bull markets seen in 1980 and 2011 [2]. - After breaking the strong resistance level of $2,000 per ounce in December 2023, gold quickly surged to $2,100 but faced significant selling pressure shortly after [2]. - Experts initially misinterpreted the price movements as a double top pattern, but it was actually a period of consolidation and range trading [2]. Group 3: Economic Indicators Impacting Gold Prices - The latest jobless claims data from the U.S. Labor Department shows a decrease to 191,000, down from 218,000, which supports the resilience of the U.S. labor market [3]. - This positive labor market data has led to rising yields, which in turn limits the upward movement of gold prices, keeping them in a consolidation phase [3]. - The market is currently awaiting PCE data and Federal Reserve decisions, with expectations of maintaining slight fluctuations until a breakout occurs [3].