In early Asian trading on Tuesday (October 7), international gold prices continued their upward trend, with spot gold prices soaring to a record high of $3,976.06 per ounce. US gold futures even approached the $4,000 mark, reaching an intraday high of $3,999 per ounce. Multiple factors, including rising expectations of a Federal Reserve rate cut, heightened global political uncertainty, and continued central bank purchases, contributed to the gold price rally.

Looking ahead, UBS optimistically forecast in its report that gold prices will reach $4,200 per ounce by the end of this year, supported by both fundamentals and momentum. The Fed's path of rate cuts, the evolution of geopolitical risks, and global economic stability will be key variables. If the US government shutdown continues, the French crisis deepens, or trade frictions escalate, safe-haven demand for gold will intensify. However, caution is warranted. If the Fed postpones rate cuts due to a rebound in inflation, gold could face a short-term correction.

Looking at the daily spot gold chart, gold prices continued their upward trend yesterday, forming a large bullish candlestick pattern. The MACD indicator is currently forming a golden cross, and the moving average cluster maintains a bullish pattern, indicating that bulls are still in control. Further gains are possible, but attention should be paid to the support provided by the MA5 moving average.

Looking at the 4-hour spot gold chart, after retracing to the 3820 level last week, gold prices resumed their upward trend yesterday. The overall upward trend remains strong, and the MACD indicator is also forming a golden cross. However, the upward movement is currently limited, so attention should be paid to the support provided by the MA5 moving average. Resistance levels: 3980-3990-4000; Support levels: 3970-3960-3950.

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.