Spot gold prices continued their upward trend in early Asian trading on Wednesday (October 15th), currently trading at $4,165.89/oz. Renewed concerns about the international trade situation are providing upward momentum for gold prices. Gold prices hit a new all-time high of $4,179.47/oz on Wednesday. Although they briefly retreated below the $4,100 mark during the session, bargain hunting quickly helped gold resume its upward trend, closing up 0.77% at $4,142.01/oz. Concerns about international trade, the US government shutdown, geopolitical tensions, and shifting monetary policy are expected to drive gold prices higher, with institutions targeting a level above $5,000.

Spot gold's continued rise is a milestone driven by the combined forces of safe-haven demand, the Federal Reserve's dovish shift, and a weakening US dollar. From the smoke of the trade war to the decline in bond yields and the dollar's decline in the foreign exchange market, gold prices are poised for a higher peak. In the short term, the international trade situation may be a key variable. If signals of reconciliation are signaled, gold prices may experience a pullback; however, if friction escalates, the $4,180 mark will be easily surpassed.

From the daily spot gold chart, with Monday's rebound, gold prices have fully recovered the losses from their previous highs and successfully broken through all-time highs again, suggesting a potential push towards the $4,100 mark in the near future. Currently, the short-term moving averages continue to form a perfect bullish alignment and are relatively close to the current price, indicating a healthy upward trend. However, note that the MACD indicator is significantly overbought, so chasing the price directly is not recommended.

From the 4-hour spot gold chart, despite a sharp decline last week due to cooling geopolitical tensions, gold prices have risen strongly again after holding support, demonstrating the current strength of bullish momentum and the absence of significant resistance above. The short-term moving averages are currently bullish, and the MACD has also re-crossed. However, we should be wary of the risk of a top divergence in the future. For trading, we should continue to focus on buying on dips. Resistance: 4180-4190-4100 Support: 4165-4150-4140.

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.