On Friday (November 14) in early Asian trading, spot gold traded in a narrow range, currently hovering around $4180.13 per ounce. After the longest government shutdown in history, lasting 43 days, the US government finally resumed operations with an agreement signed by Trump, and federal funds will continue until January 30. This news should have brought a breather to the market, but unexpectedly triggered a global sell-off in assets. The government reopening eliminated uncertainty, but also led investors to collectively take profits, and the precious metals market was swept into a vortex of declines in stocks, bonds, and the US dollar.

In the short term, the gold bull market faces the risk of cooling. If the Federal Reserve confirms a pause in easing, investors should be wary of further gold selling. However, from a long-term perspective, the data vacuum left by the shutdown, the risk of tariff inflation, and geoeconomic uncertainties will still support gold's core value as a safe-haven asset. The market is at a turning point, and gold bulls need to patiently wait for clear inflation data or a new safe-haven event to trigger a renewed upward trend.

Looking at the weekly chart for spot gold, after two consecutive large bearish candles, gold prices finally stabilized this week and showed a strong rebound, currently back above the 4200 mark with a large bullish candle, indicating a potential for continued upward movement. The short-term moving averages are currently in a perfect bullish alignment, and the MACD indicator is also maintaining an upward opening, so further upside is possible before the week closes.

Looking at the daily chart for spot gold, due to renewed expectations of a Fed rate cut and the uncertainty caused by the US government shutdown, gold prices have seen continuous upward movement this week, reversing the previous downward trend and returning to an upward trajectory. The short-term moving averages are now in a bullish alignment again, and the MACD indicator is above the zero line and poised for a continued golden cross. Therefore, the recommended strategy for the short term is to buy on dips. Resistance: 4210-4220-4230; Support: 4195-4180-4170.

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.