On Wednesday (January 28) during the Asian session, spot gold traded around $5167 per ounce. Gold prices hit a new all-time high of $5190.20 per ounce on Tuesday and are expected to test the $5200 per ounce level today. Year-to-date, gold prices have risen by 18% on top of last year's significant gains, mainly driven by geopolitical tensions, expectations of a US interest rate cut, and continued purchases by global central banks.

Overall, this surge in gold prices is not accidental, but rather the result of multiple positive factors converging. From geopolitical risks to economic policy uncertainty, to a depreciating dollar and optimistic institutional forecasts, everything points to a long-term bull market for gold. Today's key focus will be on the Fed's interest rate decision and Fed Chairman Powell's speech, along with attention to geopolitical news and the performance of the US dollar index.

From the daily chart for spot gold, yesterday's price rebounded after hitting a low, closing near the opening price and forming a doji candlestick pattern with a long lower shadow. The price retracement confirmed the support of the 5-day moving average (MA5). Currently, the MACD indicator maintains a golden cross, and the moving average cluster remains in a bullish alignment, indicating that the bulls still control the trend. Continue to monitor the support effect of the MA5.

From the 4-hour chart for spot gold, the price has maintained an upward trend recently, and the upward momentum remains strong. However, the MACD indicator has reached a high level, and a pullback due to indicator adjustments should be anticipated. It is advisable to be cautious when chasing high prices. Resistance: 5260-5270-5280 Support: 5250-5240-5230

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.