On Tuesday (January 13) in early Asian trading, spot gold was around $4584 per ounce. Gold prices hit a new all-time high of $4630.08 per ounce on Tuesday, as uncertainty arose due to the Trump administration's criminal investigation of Federal Reserve Chairman Jerome Powell, and the factors supporting gold prices in the short term are unlikely to change. Furthermore, market expectations of further interest rate cuts by the Federal Reserve later this year have also increased demand for non-yielding assets such as gold.

Besides the turmoil within the Federal Reserve, the continued escalation of global geopolitical risks has also provided strong support for gold. The Trump administration is weighing its response to Iran's crackdown on protests, while Iran has stated that it will maintain communication channels with the United States. In addition, Trump's previous ouster of Venezuelan President Nicolás Nemadouro and his proposal to acquire Greenland have further destabilized the international landscape. These events combined have created a highly unstable global environment, prompting funds to flow into safe-haven assets such as gold at an accelerated pace.

From the daily chart for spot gold, yesterday's price surged, forming a large bullish candlestick and further refreshing historical highs. Currently, the MACD indicator's two lines are still in a golden cross, suggesting further upward potential. The support level of the MA5 moving average should be monitored.

From the 4-hour chart for spot gold, the price confirmed support around 4310 and continued to rise, reaching a high of around 4630 so far. However, it's worth noting that the price has recently pulled back, and the MACD indicator's two lines have begun to turn downwards. Intraday, the effectiveness of the MA10 moving average support should be observed. Resistance: 4600-4610-4620 Support: 4590-4580-4570

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.