Spot gold fluctuated in early Asian trading on Thursday (October 16), currently trading around $4,210/oz, not far from Wednesday's all-time high of $4,218. Gold prices rose 1.59% on Wednesday, marking their fourth consecutive day of gains, closing at $4,207.96/oz. Investors continued to flock to the gold market to hedge against stock and currency risks amid growing expectations of a Federal Reserve rate cut, geopolitical uncertainty, and escalating international trade frictions.

With the possibility of further Federal Reserve rate cuts and continued international trade frictions, gold's march toward $4,500 will become increasingly resolute. However, the market should be wary of short-term overheating risks. If trade frictions show signs of easing or the Federal Reserve sends hawkish signals, gold prices could face downward pressure. However, in the long term, amidst growing global economic uncertainty, gold's role as a safe haven remains irreplaceable.

Looking at the weekly spot gold chart, gold prices have further reached new all-time highs this week, with significant gains compared to the previous week. Although the current moving average cluster is showing a bullish pattern and the MACD indicator maintains a golden cross, the current price is still far from the moving averages, suggesting a lack of support from the moving average system and a potential pullback in the near term.

Looking at the 4-hour spot gold chart, gold prices have continued to rise since the 4060 level this week. There was resistance at 4180, but after a brief correction, prices quickly broke through and have now reached a new all-time high above 4240. The MACD indicator maintains a golden cross, but the upward trend suggests a potential correction. We recommend monitoring the support provided by the MA5 and MA10 moving averages below. Resistance levels: 4240-4250-4260. Support: 4230-4220-4210.

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.