On Tuesday (January 27) during the Asian session, spot gold traded around $5048 per ounce. Spot gold surged to a record high on Monday, breaking through the $5100 per ounce mark. The current global situation is characterized by multiple developments, with escalating tensions in the Middle East being the most direct catalyst. The US Central Command confirmed that the USS Abraham Lincoln carrier strike group has been deployed to the Middle East and entered its Indian Ocean area of responsibility. The Iranian parliament and foreign ministry immediately issued strong warnings, stating that any aggression would invite retaliation that would "make them regret it." The leader of Hezbollah in Lebanon further stated that he would not stand idly by in the face of military action against Iran, creating a high-risk standoff throughout the Middle East. Meanwhile, Ukrainian President Zelenskyy revealed that the US, Russia, and Ukraine are expected to hold talks again on February 1, indicating that the Russia-Ukraine conflict has not yet been completely resolved.

In addition, the Trump administration's decision to impose tariffs on South Korea has further exacerbated global trade frictions. He announced on social media that he would raise South Korea's retaliatory tariffs from 15% to 25%, affecting multiple sectors including automobiles, timber, and pharmaceuticals. These events combined to sharply intensify market risk aversion. Gold, as a traditional safe-haven asset, naturally became the preferred destination for funds. The US dollar index fell 0.43% on Monday, hitting a more than four-month low, further providing solid support for gold prices.

Looking at the daily chart for spot gold, after Monday's sharp opening, the upward momentum has become unstoppable, forming an eight-day winning streak, indicating a significant bullish advantage. After stabilizing above the 5000 mark, there is a strong chance of continued upward movement. Currently, the moving averages are perfectly aligned in a bullish pattern, and the MACD indicator also shows an upward signal. However, considering the upcoming Fed meeting, caution is still needed regarding the magnitude of the move.

Looking at the 4-hour chart for spot gold, with gold prices continuously hitting new historical highs and briefly breaking through the 5050 level, the current rise can be considered a perfect release of momentum. The next key focus may be the battle for the 5000 level. Currently, the short-term moving averages are also showing a bullish alignment. However, due to a pullback last night, it's possible that the 10-day moving average (MA10) or even the 20-day moving average (MA20) will be tested today. Therefore, the recommended strategy is to continue buying on dips. Resistance: 5075-5085-5100; Support: 5055-5040-5030.

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.