January 29: The Iranian crisis ignites global safe-haven buying, pushing gold prices above $5,500! Today's gold market analysis!

On Thursday (January 29) during the Asian session, gold prices suddenly surged, briefly approaching the $5,600/ounce mark. US media reported that President Trump is considering a new major strike against Iran, stimulating safe-haven buying of gold. Year-to-date gains have exceeded 25%. This surge is primarily driven by continued economic and geopolitical uncertainty, with investors flocking to safe-haven assets.

The escalation of the US-Iran conflict has made safe-haven demand the dominant force, while the Fed's decision to keep interest rates unchanged, although causing market volatility, has also strengthened gold's appeal in a low-interest-rate environment. Looking ahead, if US-Iran negotiations break down or military action escalates, gold prices may further test new highs; conversely, if diplomatic efforts succeed, the risk of a pullback will also emerge. Investors should closely monitor geopolitical developments and Fed announcements.

From a daily chart perspective, spot gold continued its upward trend on Wednesday, reaching a new all-time high. Gold prices have risen by over $1000 in a single month, demonstrating strong short-term performance. Support for gold can be found at the psychological level of $5400. Gold rallied rapidly near the close, and there's a chance it will continue its upward momentum at the open the next day. Secondly, pay attention to the level of $5368 reached near Wednesday's close after a pullback and stabilization, which also coincided with the upper Bollinger Band on the 4-hour chart. If it continues to face pressure, be wary of profit-taking, which could lead to a short-term pullback. Resistance for gold can be seen at the psychological level of $5600.

The 5-day moving average and MACD indicator are both showing a golden cross, as are the RSI indicators, suggesting that short-term technical indicators indicate gold still has room to rise. In summary, the recommended short-term trading strategy for gold today is to primarily buy on dips, with selling on rallies as a secondary approach. Key resistance levels to watch are $5650-$5700, and key support levels are $5550-$5500.

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.