On Thursday (November 13) in early Asian trading, gold prices fluctuated narrowly at high levels, currently trading around $4190 per ounce. Yesterday, gold prices surged nearly 2% in a single day, strongly breaking through the key level of $4160 per ounce, reaching a high of $4211 during the session, the highest level since October 21.

Latest news indicates that the US House of Representatives has cleared key procedural hurdles, paving the way for a full Senate vote on the appropriations bill that has already passed the Senate, ending the government shutdown. The market widely expects a flood of economic data to emerge after the government reopens, with September's employment data likely to be released first. However, the White House has also cautiously warned that October's employment and inflation reports may not be released due to data collection difficulties. This uncertainty has exacerbated market concerns about the economic situation, providing continued momentum for gold's rise.

From the daily chart for spot gold, yesterday's price action was mainly characterized by a volatile rebound, resulting in a large bullish candlestick. The MACD indicator is currently showing a golden cross, suggesting the pullback may be over and the price is entering a new round of rebound. The support level provided by the MA5 moving average should be monitored.

From the 4-hour chart for spot gold, after stabilizing above 4098, the price has maintained a volatile rebound. Currently, the price has regained the 4200 level, with the moving averages showing a bullish alignment and the MACD indicator continuing its upward golden cross, both indicating that the bulls have regained control of the trend. Intraday, the support levels of the MA5 and MA10 moving averages should be monitored. Resistance: 4210-4220-4230; Support: 4200-4190-4180.

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.