On January 23, we previously noted on Thursday that escalating tensions over Greenland and former President Trump's imposition of tariffs on several European countries had ignited market risk aversion, thereby supporting gold prices. Consequently, our trading advice suggested focusing on support at $4760 and resistance at $4840, followed by $4888.
Subsequent trading saw gold open in the Asian session on Thursday, retreating to find support at $4772 before rebounding to encounter resistance at $4810. The price tested this support level multiple times successfully. Approaching the European session, gold broke upward, reaching $4839 where it met resistance again. Multiple attempts to break higher failed. After the U.S. session opened, gold dipped to stabilize at $4810, then embarked on a sustained rally, successively breaking through the short-term resistance levels at $4840 and $4888, and ultimately hitting a fresh record high near the close at $4940. Overall, after stabilizing from a pullback and breaking through the key short-term resistance at $4840, gold's rally proved even more robust than our bullish expectations.
Wolfinance star analysts believe the significant surge in gold this week, marking a fourth consecutive session of record highs, is largely driven by heightened market避险情绪 due to geopolitical risks. Specifically, an escalating dispute over control of Greenland, with the U.S. allegedly planning to seize it facing collective opposition from European nations, prompted Trump to announce tariffs on several European countries over the weekend. His stance of "no island, no tariff relief" directly fueled market避险情绪, supporting gold's rally for four straight sessions, gaining approximately $300. Looking ahead, the Greenland dispute is expected to remain a market focus, warranting close investor attention.
On the daily chart, gold continued to set new record highs on Thursday, demonstrating considerable strength this week. Key support is now seen at the psychological $4900 level; a break below could trigger a short-term correction towards $4840, the level from which the rally initiated during Thursday's U.S. session. Resistance is anticipated near the $5000 mark. The 5-day moving average and MACD indicator maintain bullish crossovers, while the KDJ and RSI indicators also show bullish alignments, suggesting technical momentum favors further upside potential in the near term.
Intraday gold outlook: Escalating tensions over Greenland are boosting safe-haven demand, underpinning repeated new highs. Trading strategy建议 adopting a range-trading approach. Support is watched at $4900; holding above could sustain the rally, while a break risks a pullback towards $4840. Resistance is eyed at the $5000 psychological level.
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