Spot gold prices experienced a sudden and rapid short-term surge during Asian trading on Tuesday (September 9), hitting a new all-time high of $3,653.46 per ounce. Gold broke through $3,600 per ounce for the first time on Monday, reaching a new all-time high, as weak US labor market data reinforced expectations of a Federal Reserve rate cut next week.

Gold prices have risen 37% so far this year, following a 27% increase in 2024. Factors driving gold prices include a weaker US dollar, strong gold reserve accumulation by central banks, an accommodative monetary policy environment, and heightened global uncertainty. Investors are currently awaiting US producer price data (PPI) on Wednesday and consumer price data (CPI) on Thursday for further insight into the Fed's policy path.

Looking at the daily spot gold chart, gold prices fluctuated higher yesterday, forming a large bullish candlestick pattern and further reaching a new all-time high. The moving averages are currently forming a bullish pattern, and the MACD indicator continues to form a golden cross, both indicating a strong trend. We should continue to monitor the support provided by the MA5 moving average.

Looking at the 4-hour spot gold chart, gold prices continued their previous volatile upward trend after the opening of this week, breaking above 3640 yesterday and rising again today after a brief pullback. The MACD indicator continues to form a golden cross, suggesting the possibility of new highs. We recommend monitoring the support provided by the MA5 and MA10 moving averages for the day. Resistance levels: 3650-3660-3670; Support levels: 3640-3630-3620.

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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.