February 5, 2026 Spot Gold Morning Analysis

The market has always been about finding direction amid volatility. After the spot gold stabilized at a high level, it entered a consolidation phase. The correction after a sharp rise is normal, and as long as key ranges are maintained, there are opportunities for swing trading.

From a news perspective, geopolitical tensions between the US and Iran support safe-haven buying of gold. The Federal Reserve's personnel changes reinforce hawkish policy expectations. The bullish and bearish factors are mutually restrained, and the market currently lacks clear directional guidance. Funds are inclined to take profits and wait, pushing the market into a high-level oscillation pattern.

Technically, spot gold is currently around $5005, holding above $4950 but facing resistance at previous rebound levels. Short-term indicators show divergence, and trading volume is gradually decreasing. A short-term correction and adjustment are increasingly likely, with the overall trend maintaining a high-range oscillation.

In terms of trading strategy, focus on buying low and selling high. Watch for strong resistance at $5100 and support at $4900. If broken, exit the position accordingly. It is recommended to take light positions on rebounds around the $5080-5060 range, with proper stop-losses in place. Target levels are near $4980, $4950, and $4900, while avoiding sudden volatility during consolidation.

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