Spot gold prices fluctuated at high levels in early Asian trading on Tuesday (October 21st), currently trading around $4,368.89 per ounce. On Monday, spot gold prices surged over 2.5%, recouping all of Friday's losses and reaching a new all-time high of $4,381.29 per ounce. They ultimately closed at $4,356.26, up approximately 2.5%. This strong rebound in gold prices is driven not only by strong investor expectations for further Federal Reserve rate cuts, but also by continued safe-haven demand and the potential uncertainty surrounding the US-China trade negotiations. With the US government shutdown entering its 20th day and key economic data delayed, the market is highly sensitive.

This surge in gold prices reflects a concentrated surge in safe-haven demand amid global uncertainty. Investors should closely monitor this week's CPI data, the progress of US-China trade negotiations, and next week's Federal Reserve meeting, as these events will directly shape the future trajectory of gold prices.

From the daily spot gold chart, gold prices rebounded from a low yesterday, forming a bullish candlestick pattern with a large real body. The moving average cluster continues its bullish formation, and the MACD indicator remains in a golden cross, indicating that bulls are currently in control of the trend. However, as the indicators have already risen, a correction is needed. Therefore, we recommend focusing on the support provided by the MA5 moving average below, and exercise caution in aggressively chasing higher prices.

From the 4-hour spot gold chart, after a period of decline and consolidation, gold prices have rebounded back to near all-time highs. However, the MACD indicator remains in a dead cross formation, and the price has briefly come under pressure near the previous high, suggesting that the correction may not be over. Focus on the support provided by the MA20 moving average below. Resistance: 4350-4360-4370. Support: 4340-4320-4310.

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.