In early Asian trading on Thursday (October 9), spot gold traded around $4,020 per ounce. Yesterday, gold prices not only broke through the $4,000 per ounce mark for the first time, reaching a new all-time high of $4,059.07 per ounce, but also drove silver prices to a record closing high. However, just as the rally was in full swing, a sudden turn in the Middle East geopolitical situation—a ceasefire agreement between Hamas and Israel—quickly cooled market risk aversion, leading to a pullback in gold prices in early trading today. This warrants investor caution.

In the short term, gold prices are likely to fluctuate around $4,000, depending on the stability of the Middle East situation and the recovery of US economic data. If the ceasefire agreement is successfully implemented, the pullback could deepen; conversely, any resurgence of conflict would rekindle safe-haven demand or attract bargain-hunting, potentially pushing gold prices higher.

Looking at the daily spot gold chart, gold prices rose further yesterday, forming a large real-body bullish candlestick pattern. The current moving average cluster remains bullish, and the MACD indicator continues to form a golden cross, maintaining a strong bullish pattern. Therefore, further upward movement is possible. Pay attention to the support provided by the MA5 moving average on the downside.

Looking at the 4-hour spot gold chart, influenced by fundamentals, gold prices have been fluctuating upward recently. Similar to the larger chart, the 4-hour moving average cluster maintains a bullish pattern. However, today's price correction has caused the MACD indicator to turn downward. Pay attention to whether the MA5 moving average establishes effective resistance, and the strength of the MA20 moving average on the downside. 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.