On Monday (November 10) in early Asian trading, spot gold held onto Friday's gains, briefly rising above $4010 per ounce, up approximately 0.2% from Friday's closing price of $4001.27 per ounce. Gold prices rose 0.6% on Friday, successfully recovering the $4000 mark. Market analysts pointed out that the unexpected weakening of the US dollar index was the primary driver. The dollar fell 0.15% on Friday to a near one-week low, making dollar-denominated gold cheaper for investors holding other currencies, attracting a large influx of overseas buying.

Meanwhile, the uncertainty surrounding the US government shutdown cast a shadow over the market, significantly enhancing gold's safe-haven appeal, and the impending sharp weekly decline in Wall Street stock indices further amplified this effect. The tech-heavy Nasdaq Composite Index recorded its biggest weekly drop in seven months last Friday, as investor concerns about the sustainability of the AI stock rally intensified, driving funds back from risk assets to gold, a traditional safe haven.

Looking at the daily chart for spot gold, prices mainly traded in a range on Friday, forming a doji candlestick pattern. Despite the continued consolidation on Friday, gold prices have begun to move upwards this week, causing the MACD indicator to turn upwards. However, a golden cross reversal signal has not yet appeared, and attention should be paid to whether the MA5 moving average can provide effective support.

Looking at the 4-hour chart for spot gold, after a period of consolidation, prices confirmed effective support below 3930. Currently, after a rebound, prices have risen back above 4050, and the MACD indicator's golden cross has crossed the zero line again into bullish territory, suggesting that gold prices may strengthen again in the short term. Intraday, pay attention to the support levels of the MA5 and MA10 moving averages. Resistance: 4060-4070-4080; Support: 4050-4040-4030.

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.