In the early Asian session on Friday (January 24), spot gold fluctuated in a narrow range and is currently trading around $2754.29/ounce. Spot gold bottomed out and rebounded on Thursday, falling to $2735.83/ounce earlier in the session, but the number of initial jobless claims in the United States increased by 6,000 in the week ending January 18, which was worse than market expectations. In addition, after US President Trump called for lower interest rates, the dollar weakened and gold prices recovered all losses and closed at $2754.59/ounce.

In his speech at the World Economic Forum, Trump emphasized his commitment to reverse inflation and announced that he hoped to cut interest rates immediately. He also urged other countries to take similar measures to meet global economic challenges. The uncertainty of Trump's future policies has prompted market participants to flock to safe-haven assets such as gold to hedge against volatility. Investors need to pay attention to Trump's dynamic news and changes in market sentiment.

From the daily level of spot gold, after this week's continuous upward movement and breaking through the previous important pressure position, the current gold price has opened up short-term upward space and has the opportunity to approach the historical high again in the future. However, considering that the Federal Reserve's decision will be announced next week, the competition between long and short positions cannot be taken lightly. At present, both the moving average group and the MACD indicator have released bullish signals, but we must also beware of the phenomenon of profit-taking before the weekly closing.

From the 4-hour level of spot gold, the current rhythm of gold prices shows a very complete upward trend, and the position of each retracement is very accurate, which is conducive to judging the next correction point. At this stage, the short-term moving average group has formed a perfect bullish arrangement, which means that the market will provide strong support in the future, and the MACD indicator is also in a golden cross state, but we must pay attention to the risk of overbought signals. For the time being, it is recommended to keep going with the trend and buy on dips. Pressure: 2762-2770-2780 Support: 2745-2738-2730.

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.