On February 9, the gold market saw significant volatility. Last week's overall trend was well anticipated, with early warnings of a breakdown below 4682 leading to a continued sharp decline. However, prices rebounded strongly after finding support near 4400, showing a consecutive upward surge. As prices approached 5100, caution was advised regarding a potential pivot point, and short positions around this resistance level proved accurate.

Last Friday, after an early dip to 4655, gold was expected to rise steadily throughout the European and U.S. sessions. The market indeed moved higher gradually, closing with a small bullish candlestick pattern. Following this strong closing pattern, gold opened higher in early trading today, reaching a high near 5046. The focus now is on the next direction and trading strategy.

The 5100 resistance level has been emphasized repeatedly and remains a key point this week. Below 5100, the market is expected to experience wide fluctuations. A sustained break above 5100 would signal a clear path for further bullish momentum. On the downside, initial support is near 4950, last Friday’s consolidation high, followed by the critical support zone around 4800, which serves as a psychological defense line for bulls.

For intraday trading, the early session low is near 4964, holding above last Friday’s U.S. session consolidation high around 4950. Traders may consider buying on dips using 4950 as a support level, or even enter long positions above 4964 without hesitation. Aggressive traders can reference 4985/5000 for long entries, targeting gains of several tens of dollars. The key focus remains on the 5100 level—if prices rebound but face resistance, short positions can be considered. A break above 5100 should trigger stop-losses on short positions, followed by a reversal to long positions.