Gold prices continued their upward trend in early Asian trading on Wednesday (October 8). Gold futures slightly hit a new all-time high of $4,015, while spot gold briefly climbed to $3,992.18, reflecting strong market demand for gold. Yesterday, US gold futures prices broke through the $4,000 per ounce milestone for the first time, with spot gold following suit and hitting a new all-time high. Multiple factors, including expectations of a Federal Reserve rate cut, the US government shutdown, and the continued increase in holdings by the People's Bank of China, have contributed to the gold price's rise. So far this year, gold prices have risen 51%, far outperforming other assets and attracting the attention of global investors.

This continued upward momentum stems from investors' instinctive avoidance of uncertainty. When stock and bond market volatility intensifies, gold naturally becomes the preferred safe haven. The current safe-haven flows are partly driven by the chaotic US government shutdown, with no sign of a resolution in the near term, providing solid buying support for gold. Investors should closely monitor the Federal Reserve meeting minutes and the progress of the government shutdown, but remain vigilant to the risk of a short-term correction. Furthermore, attention should be paid to the Reserve Bank of New Zealand's interest rate decision and speeches by Fed officials.

From the daily spot gold chart, gold prices fluctuated yesterday, forming a doji candlestick pattern. Although the price has temporarily slowed its upward trend, the moving averages remain bullish, and the MACD indicator maintains a golden cross. Combined with today's new highs, gold prices suggest that bulls are still in control and further upward movement is possible.

From the 4-hour spot gold chart, gold prices continued their volatile upward trend this week. The MACD indicator has once again formed a golden cross, and the moving averages remain bullish, indicating continued upward momentum. Pay attention to the support provided by the MA5 and MA10 moving averages. Resistance: 4020-4030-4040; Support: 4010-4000-3990.

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.