On Tuesday (November 11) in early Asian trading, spot gold continued its overnight gains, briefly touching the $4120 mark, a near two-week high. On Monday, spot gold surged 2.85%, closing near $4115, its highest closing price since October 23. Driven by both weak US economic data and rising expectations of a Federal Reserve rate cut, gold's safe-haven appeal as a non-interest-bearing asset was fully unleashed.

Firstly, the US saw a significant drop in jobs in October, particularly in the government and retail sectors, directly reflecting the far-reaching negative impact of the government shutdown. Secondly, the US consumer confidence index released last Friday showed a sharp decline in confidence at the beginning of November due to household concerns about an economic recession. These two data points combined to reinforce market expectations of a dovish stance from the Federal Reserve. In a low-interest-rate environment and during periods of economic uncertainty, gold, as a typical non-interest-bearing asset, naturally becomes a sought-after commodity, significantly boosting demand and driving prices sharply higher.

From the daily chart of spot gold, yesterday's sharp rebound resulted in a large bullish candlestick, essentially confirming the upward trend. The MACD indicator also formed a golden cross, signaling a potential trend reversal. Currently, prices are rising further, but the moving averages are still below and far from the current price level, so a pullback should be anticipated during the day.

From the 4-hour chart of spot gold, after yesterday's rebound, the moving averages are currently in a bullish alignment, indicating that the bulls are in control of the trend in the short term. The strategy for the day is to buy on dips, paying close attention to the support levels of the MA5 and MA10 moving averages. Resistance: 4150-4160-4170; Support: 4140-4130-4120.

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.