February 6, 2026 Spot Gold Night Analysis

Today, spot gold remained volatile around high levels, forming a V-shaped reversal intraday. Currently, it is consolidating around 4850. The evening trading strategy focuses on buying the dips and selling the rallies, relying on key levels to seize swing opportunities.

From a news perspective, geopolitical tensions remain volatile, with disagreements in US-Iran talks supporting safe-haven buying. Coupled with ongoing global central bank gold purchases, gold’s support at the bottom remains strong. However, the market is in a short-term news vacuum, with non-farm payroll data delayed and investor sentiment cautious. Additionally, the CME has increased margin requirements, making it difficult for gold prices to break out of a single direction, with high-level fluctuations being the main theme.

Technically, the hourly chart shows a rebound followed by consolidation at high levels. The MACD bullish momentum is slightly converging, and the RSI has not reached overbought territory, indicating the short-term trend remains intact. The 4900-4903 range is the intraday resistance zone, while the 4760-4800 range provides strong support. The Bollinger Bands are widening, indicating ongoing volatility, and the overall trend remains within a healthy upward channel.

Tonight’s outlook suggests gold will likely continue to fluctuate within the 4780-4900 range. The battle between bulls and bears will intensify. Until a clear breakout signal appears, avoid chasing rallies or panicking on dips. Strictly trade within the defined range, buying low and selling high, and follow the trend after a breakout. Keep an eye on US Treasury yields and the US dollar index for short-term volatility. If geopolitical news suddenly escalates, gold may surge temporarily, requiring prompt position adjustments.

Recommended trading strategy: consider buying in batches near the 4780-4800 level, targeting 4840, 4880, and 4900.

This is only personal advice for reference and does not constitute investment guidance. Please follow Cheng Jingsheng’s layout for specific actions!$XAU #XAU ‌#XAU