On Tuesday (January 6), during the Asian and European sessions, spot gold, supported by multiple factors, climbed to a one-week high of $4474.11 per ounce before encountering selling pressure and falling back. It is currently trading around $4455 per ounce. The US military strike on Venezuela, escalating political tensions between Saudi Arabia and the UAE, the Iranian turmoil, and the protracted Russia-Ukraine conflict continue to push up geopolitical risks, injecting a risk premium into gold. Meanwhile, market expectations of a dovish stance from the Federal Reserve have further solidified gold's positive momentum.

Regarding economic data, S&P Global reported on Monday that the US manufacturing PMI remained stable at 51.8, indicating continued expansion. In contrast, the US Institute for Supply Management (ISM) manufacturing PMI fell to 47.9 from 48.2 last month, indicating continued contraction in business activity. These data did not weaken market dovish expectations; instead, they dragged down the dollar, becoming another factor boosting gold, a non-interest-bearing asset. From the daily chart for spot gold, yesterday's price rebounded sharply, recording a large bullish candlestick. However, the MACD indicator has not yet issued a golden cross signal, suggesting a possible reversal and decline in the future. It is recommended to pay close attention to whether the MA5 moving average provides effective support.

From the 4-hour chart for spot gold, after several tests, the price has rebounded significantly this week. The MACD indicator has entered a golden cross process and has now crossed above the zero line, suggesting potential for further strengthening. However, after rebounding out of the lower consolidation range, the price is now facing resistance from the upper consolidation range. It is necessary to closely monitor the support levels of the MA5 and MA10 moving averages. Resistance: 4470-4480-4490; Support: 4460-4450-4440.

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.