Analysis for the night of February 4, 2026

Spot gold continues to fluctuate overnight, with bulls and bears intertwined due to mixed data, leading to a stalemate. Trading should focus on buying low and selling high, relying on key levels for light positions, and strictly setting stop-losses.

On the news front, the positive ADP data briefly supported gold prices, while the negative service PMI exerted downward pressure. The opposing factors offset each other, and with the market already pricing in the data impact, gold lacks a clear directional move.

Technically, gold is oscillating within the 4950-5020 range, with 4950 serving as short-term strong support and the 5020 level turning into immediate resistance. The hourly chart shows repeated shifts in bullish and bearish momentum, with no definitive trend signal.

Tonight, gold is likely to continue trading within the 4950-5020 range. Without new fundamental catalysts, breaking out is unlikely. It is recommended to buy lightly near the 4950-4980 support zone on a pullback, with targets around 5020-5060. Watch the market flow in the latter half of the US session; if a breakout occurs, follow the trend accordingly.

The above is only personal advice for reference and does not constitute investment guidance. Please follow Cheng Jingsheng's layout for specific strategies!!$XAUT ‌#XAU