On Wednesday (January 14) in early Asian trading, spot gold traded in a narrow range, currently hovering around $4595 per ounce. On Tuesday, gold prices briefly touched a record high of $4634.33 per ounce, but subsequently fell back quickly, closing stable at around $4586. Meanwhile, US December inflation data was moderately lower than expected, further solidifying the Fed's rate-cutting path, but the dollar index regained its upward momentum, climbing 0.28% to 99.15. The strong rebound of the dollar is increasingly exerting downward pressure on gold.

Although short-term trends show signs of topping out, continued global geopolitical tensions continue to provide underlying support for gold. The Trump administration's criminal investigation into the Fed's independence and the threat of imposing 25% tariffs on Iran's trading partners have raised concerns about global supply chains and the oil market. Gulf states are lobbying the US to avoid military action against Iran, warning that oil disruptions will damage economic stability. Meanwhile, the US's ambitions regarding Greenland have escalated US-EU relations, with the EU and Nordic countries issuing a joint statement warning of a potential NATO collapse. These events have amplified safe-haven demand, driving funds towards gold, an effect that even a strong dollar cannot fully offset.

Looking at the daily chart for spot gold, influenced by rising safe-haven sentiment, gold prices surged again yesterday, successfully breaking through the historic $4600 mark. Currently, it maintains a momentum of breaking historical highs, with further upside potential expected. At present, the short-term moving averages have re-established a bullish alignment, and the MA5 has largely caught up. However, the MACD indicator's bearish divergence should be watched closely, but overall, the bulls still hold a significant advantage.

Looking at the 4-hour chart for spot gold, although there was a slight pullback from the highs in the early morning yesterday, gold prices surged again after the US session began, reaching new historical highs. This demonstrates the market's confidence in the bulls. Currently, the short-term moving average group is turning upwards again, providing support. Whether the MACD indicator can form a golden cross is key. In terms of trading strategy, it is recommended to continue to focus on buying on dips. Resistance: 4640-4650-4660 Support: 4625-4610-4600.

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.