On Wednesday (January 7th) in early Asian trading, spot gold fluctuated at high levels, reaching $4500.27 per ounce by 7:30 AM. This price level is very close to the all-time high of $4549.71 per ounce set on December 24th last year. Meanwhile, US gold futures for February delivery also rose 1%, closing at $4496.10 per ounce. This surge in gold prices is mainly due to increased investor concerns about global uncertainty, particularly the widespread safe-haven demand triggered by the US military action against Venezuela over the weekend, driving a large influx of funds into the precious metals market.

The global financial markets at the beginning of 2026 are at a crossroads of high geopolitical risks and monetary policy adjustments. Gold's status as a safe-haven asset has been further solidified, with a 64.4% increase last year, marking its best annual performance since 1979. With the escalating events in Venezuela and Greenland, and supported by the potential interest rate cut by the Federal Reserve, gold prices are poised to continue challenging new highs.

Looking at the daily chart for spot gold, after a rebound following Monday's opening, prices have essentially stabilized above the $4450 mark, recovering some of last week's losses. Given the current market fundamentals, there's a strong chance of another test of previous highs. Currently, short-term moving averages are gradually showing a bullish alignment, but the MACD indicator hasn't yet formed a golden cross, so the upside potential this week may not be significant.

Looking at the 4-hour chart for spot gold, after repeatedly testing the support level around $4310, prices finally rebounded strongly, forming a decent bottoming pattern. However, considering the crucial non-farm payrolls data release in two days, it's possible that this will directly impact the pattern and indicators. Currently, short-term moving averages are providing upward support, and the MACD indicator has successfully broken through the zero line. The recommended strategy is to buy on dips. Resistance: 4470-4480-4490; Support: 4455-4440-4430.

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.