Group 1 - Gold prices have shown strong performance, with XAU/USD reaching around 4340 USD, close to a seven-week high, amid signs of a cooling U.S. labor market and pressure on the dollar [1] - The U.S. non-farm payrolls added 64,000 jobs in November, slightly above expectations, but the unemployment rate rose to 4.6%, the highest since 2021, indicating a marginal slowdown in the job market [1] - Average hourly earnings increased by only 0.1% month-on-month, a significant drop from previous values, suggesting a decrease in wage inflation pressure [1] Group 2 - The Federal Reserve completed its third rate cut of the year in December, but there is significant disagreement among officials regarding the need for further easing in 2026, with some suggesting no further adjustments are necessary [2] - The market is closely monitoring statements from key Fed officials, as any hawkish signals could support the dollar and disrupt commodity markets [2] - Discussions around the long-term pricing logic of U.S. assets are intensifying, with some strategists suggesting that investors may first reduce dollar exposure before re-evaluating U.S. Treasuries and equities [2] Group 3 - In the current environment of rate cuts, cooling employment, and a pressured dollar, gold's defensive and hedging functions are gaining market attention [3] - Technically, gold prices are stabilizing above the 100-day moving average, with the Bollinger Bands opening and the RSI above the midpoint, indicating a strong bullish structure [3] - If XAU/USD can maintain above the 4305 USD level, it may test the 4350 USD area, while a short-term pullback could see support around 4270 USD [3] Group 4 - The focus should be on structural changes rather than isolated results during this phase of marginal employment cooling and unresolved policy disagreements [4] - Key considerations include whether the labor market continues to show signs of "moderate cooling," if official statements will lead to directional shifts in rate expectations, and whether the dollar and U.S. Treasuries will further strengthen gold's hedging demand [4] - The market is still in a "reassessment" phase rather than confirming a trend, with employment slowdown providing a basis for easing, but inflation stickiness and policy independence issues remain constraints [4]