#美国核心物价涨幅不及市场预估 Monday Gold Price Analysis Briefing: Spot gold continues to hover around $4,670 per ounce at high levels. Geopolitical tensions intensify, and trade disputes escalate, both of which directly boost gold prices through multiple key resistance levels. Open interest rises along with prices, and the pace of capital inflow into the market clearly accelerates, with bullish sentiment growing stronger.

This week, international gold prices have surged, continuously hitting new all-time highs. Looking at a longer timeframe, the safe-haven aura and asset allocation value of gold are gradually becoming more evident.

What will happen to gold prices in the next few days? Short-term safe-haven buying is indeed vigorous, but to judge the long-term direction, three variables must be considered: how the trade situation evolves, what the Federal Reserve will do next, and what new signals will emerge from the Davos Forum.

Looking at the data, last week’s gold ETF holdings increased by 28 tons, the largest weekly increase since September. Coupled with the approaching global rate-cut cycle in 2026 and central banks around the world still aggressively buying gold, the fundamentals for gold and silver remain solid, with no signs of a reversal in the long-term upward trend.

Technical Analysis

On the daily chart, gold has closed higher consecutively, repeatedly reaching new highs. The price remains close to the upper band of the Bollinger Bands, and RSI has stabilized above 70 in the high zone. The MA10 and MA7 daily moving averages are diverging upward, anchored at 4582 and 4623 respectively. The price is supported by the MA5 moving average, with higher lows and higher highs gradually forming.

On the hourly and four-hour charts, the price also moves along the middle to upper Bollinger Band, with RSI comfortably above the midline, and moving averages maintaining an upward divergence.

The trading strategy remains primarily to follow the trend with long positions on dips, with short positions as an alternative.

Yesterday, due to the public holiday, US stocks were closed, and gold also closed early, resulting in lower volatility, which was expected. This is not exhaustion of upward momentum but rather a period of consolidation before a breakout, and an upward move could happen at any time.

After yesterday’s sideways consolidation, gold has firmly held the key support at 4653. If intraday dips slightly below this level, it presents a good opportunity to buy on dips.