January 19 - January 23 Gold Trading Week Review Summary
š Monday: Bulls gather strength and stabilize, sounding the charge for a strong counterattack
Gold opened steady at the key support of 4536, bouncing off moving average support and moving upward; expectations for a Fed rate cut in March continued to rise, combined with weekend geopolitical tensions fueling safe-haven buying, multiple positive factors pushed gold prices steadily higher. During the day, gold broke through the 4600 and 4650 levels consecutively, finally closing around 4680, with bullish momentum initially released and a counterattack trend established.
š Tuesday: Bullish trend accelerates, firmly holding above 4700
Bullish sentiment remained strong, with gold opening higher and breaking through the 4700 round number; weak US economic data further strengthened market rate cut expectations, causing US Treasury yields and the dollar index to weaken simultaneously, providing strong upward momentum for gold. Gold hit a high of 4765 during the day and closed near 4750, with a big bullish candlestick on the daily chart, fully opening the uptrend.
š Wednesday: High-level consolidation, gathering strength for another breakout
Gold traded sideways between 4750-4800, with bulls and bears briefly balanced; despite some Fed officials releasing hawkish remarks, the marketās rate cut expectations remained intact, and escalating geopolitical conflicts boosted safe-haven demand. Goldās pullback was limited, quickly rebounding after dipping to 4735, and finally closing around 4785. After this high-level consolidation, the upward trend remains unchanged, with key resistance at 4800 to watch.
š Thursday: Breaks key resistance, bulls target 4900
Bulls powered up again, with gold breaking through the 4800 resistance early in the session, then accelerating upward to a new high of 4885; large capital inflows supported the move, combined with the dollar index falling below key support, fueling strong precious metals buying sentiment. Goldās rally was unstoppable, closing near 4870 with another big bullish daily candle, continuing the strong bullish pattern.
š Friday: Hits new all-time high, goldās bull run enters a new chapter
Gold maintained its strong momentum, steadily rising after the open and hitting a new all-time high at 4989.81 USD, finally closing at 4986.13 USD. The weekly gain exceeded 450 USD, with bulls fully dominating the market and the uptrend unstoppable.
ā Weekly Summary & Outlook
This week, gold was driven by three core factors: Fed rate cut expectations, geopolitical safe-haven demand, and continuous capital inflows, surging past historical levels and showing a strong bullish pattern. Going forward, focus on resistance at the 5000 USD round number. Trading-wise, itās recommended to buy on dips around the key support at 4950, with upside targets in the 5050-5100 range.
