Spot gold continued its upward trend in early Asian trading on Monday (October 13), rising 1% to a record high of $4,059.87 per ounce, surpassing last Wednesday's record of $4,059.05. Tensions in international trade, escalating geopolitical risks, expectations of a Federal Reserve rate cut, and political unrest in multiple countries have fueled high safe-haven demand for gold. As a non-interest-bearing asset, gold has once again proven its status as the "king of safe havens" at a time of uncertainty shrouding global markets.

In the short term, gold prices remain primarily bullish. Although economic data is lacking this week due to the US government shutdown, the manufacturing reports from the New York and Philadelphia Feds, as well as Fed Chairman Powell's remarks on Tuesday, will be key focus. The annual meetings of the International Monetary Fund and the World Bank may also provide policy signals.

Looking at the weekly spot gold chart, after another sharp rise this week, it has now formed a seven-day winning streak, demonstrating strong bullish momentum. Having successfully broken through the 4000 mark, there is no significant upward pressure, and it should be viewed as a range-bound round number. The moving averages remain intact in a bullish pattern, and the MACD indicator is in a golden cross. However, be aware that prices may experience some corrections, so be patient and wait for opportunities to enter the market on pullbacks.

Looking at the daily spot gold chart, although there was a significant pullback from the highs at the end of last week, this is actually quite reasonable within a strong market, as profit-taking often occurs at high levels, thus not affecting the continuation of the upward trend. While the price may fall below the MA5 level, the MA10 level provides strong support below, serving as a dividing line between bulls and bears at the beginning of this week. As for the MACD indicator, be wary of a potential reversal. The recommended strategy is to buy on dips. Resistance levels: 4055-4065-4080; Support levels: 4040-4030-4020.

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.