On Monday (January 12) in Asian trading, precious metal prices continued to climb. Spot gold broke through the $4,600 mark for the first time, accumulating a $280 gain in the first month of the new year. This surge was driven by increased safe-haven demand due to rising geopolitical risks, and weak non-farm payroll data strengthened market expectations for a Federal Reserve rate cut. The criminal investigation launched by US federal prosecutors against Federal Reserve Chairman Jerome Powell also stimulated the market.

Furthermore, the latest US inflation data, scheduled for release on Tuesday, is also closely watched—the December non-farm payroll report released last Friday showed only 50,000 new jobs, far below the expected 60,000, indicating a continued cooling of the US labor market, but its resilience is still sufficient to support stable economic operation; the US Supreme Court may rule on the legality of Trump's tariffs as early as Wednesday.

From a weekly chart perspective, influenced by a weakening dollar and geopolitical tensions, international gold prices rebounded strongly last week, recovering most of the previous losses. The chart shows a two-bullish-candles-sandwiching-one-bearish-candle pattern, a very positive bullish signal. Currently, the moving averages are perfectly aligned in a bullish formation, and support levels are largely in place. The only potential concern is the overbought signal in the MACD indicator.

From a 4-hour chart perspective, although gold failed to hold above 4500 in the final stages of Friday's trading, it was practically within reach. The current question is whether it can move closer to the previous high of 4545. Short-term moving averages are currently turning upwards again, providing support, and the MACD indicator is expected to form a golden cross above the zero line. Therefore, a more prudent approach is to buy on dips, but avoid chasing highs. Resistance: 4575-4585-4600; Support: 4560-4550-4540.

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.