In the early Asian session on Tuesday (February 4), spot gold fluctuated narrowly and is currently trading around $2,815.74/ounce. Gold prices hit a record high on Monday. US President Trump announced tariffs on Canada, China and Mexico, exacerbating market concerns that inflation will affect economic growth. On Monday, the US dollar index rose by more than 1%, causing gold prices to fall to around 2,772, but gold prices were soon supported by safe-haven buying and bargain hunting. In addition, as Trump announced the postponement of tariffs on Canada and Mexico, the US dollar index gave up its gains, providing gold prices with another opportunity to rise. On Monday, gold prices hit a high of $2,830.39/ounce and closed at $2,814.38/ounce.

As a safe-haven asset, gold is usually favored by investors during periods of economic or geopolitical uncertainty. JPMorgan Chase pointed out that in the short term, the selling effect of the stock market may put some pressure on gold, but in the long term, the impact of trade tariffs will support the upward trend of gold. The market is currently paying close attention to this week's US economic data to judge the state of the US economy.

From the daily level of spot gold, the price of gold fluctuated and rebounded yesterday, recording a large real body positive line K line with upper and lower shadows. At present, the MACD indicator double line is still in the process of golden cross operation, and the moving average cluster also maintains a long arrangement, indicating that the trend is still controlled by many parties at this stage, and the support effect of the MA10 moving average can be focused on.

From the 4-hour level of spot gold, after the gold price fell sharply yesterday to confirm the support effect of the 2772 first-line position, the price rebounded sharply and broke through the historical high to the highest 2830 first-line position. Although there was a certain degree of correction in a short period of time, the overall upward trend was well preserved, and there is still a chance for further rise in the future. Focus on the 2830 first-line counter-pressure on the top, and pay attention to the support and defense of the MA5 and MA10 moving averages on the bottom. Pressure: 2830-2840-2850 Support: 2820-2810-2800.

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.