On Wednesday (November 12) in early Asian trading, gold prices fluctuated slightly higher, currently trading around $4135 per ounce, holding onto gains from the previous trading days. Gold prices rose 0.27% on Tuesday, closing at $4126.62 per ounce, reaching a high of $4148.91 during the session, a new high since October 23. The impending end of the US government shutdown, the imminent recovery of economic data, and clear signals of a shift from hawkish to dovish sentiment within the Fed all ignited the bullish flames in the gold market.

Fed Governor Milan continued his dovish stance on Tuesday, publicly stating that "given the weak labor market and declining inflation, a 50 basis point rate cut in December may be appropriate." This statement directly ignited market imagination, especially considering that Fed Chairman Powell had previously emphasized that "another rate cut this year is far from certain." In addition, investors should pay attention to speeches scheduled for today by the presidents of the New York Fed, Philadelphia Fed President Paulson, Fed Governor Waller, Atlanta Fed President Bostic, and Boston Fed President Collins.

From a daily chart perspective, after a period of continuous decline, international gold prices have once again demonstrated bullish strength this week, not only recovering the important $4000 level but also accelerating past $4100. This indicates that current market fundamentals remain favorable for gold. The short-term moving averages are currently accelerating upwards, providing support in the future, while the MACD indicator warrants attention to whether it can form a golden cross above the zero line again.

From a 4-hour chart perspective, influenced by safe-haven demand and expectations of a Fed rate cut, gold prices finally regained their upward momentum this week, currently returning above the $4100 level. The bullish trend is expected to continue in the short term and further open up upside potential. Currently, the short-term moving averages are in a bullish alignment, and the MACD indicator below has also formed a golden cross above the zero line. Therefore, the recommended strategy for now is to buy on dips. Resistance: 4125-4135-4150; Support: 4110-4100-4090.

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.