On February 5, market news: U.S. ADP employment growth for January fell even below the lowest estimates of economists, highlighting a continued cooling in the labor market, which contradicts the previous stabilization remarks from Powell. The ADP report serves as a leading indicator for the more closely watched Bureau of Labor Statistics (BLS) non-farm payrolls report, originally scheduled for release this Friday. Although a continuing resolution has taken effect and the U.S. Department of Labor announced that all agencies have resumed normal full operations starting from Wednesday, February 4, 2026, the partial government shutdown caused by the earlier failure to pass the resolution has led the U.S. Department of Labor to postpone the release of the January non-farm payrolls report. A new release date for the non-farm payrolls report will be announced after operations are fully restored.

Spot Gold (London Gold): From a technical perspective, the daily chart yesterday formed a large bullish candlestick. The Bollinger Bands are showing signs of contracting, the KDJ indicator is bearish but appears poised to turn and form a bullish crossover, and the MACD remains in a bearish divergence. The overall trend continues to lean bullish, with a medium-term staged upward movement, which has been our consistent analysis recently. Looking at the 4-hour chart, the Bollinger Bands are contracting, indicating that the price is about to choose a new direction. The KDJ indicator is showing a bearish divergence, while the MACD fast line is above the slow line, but the red energy bars are gradually converging. On the hourly chart, the Bollinger Bands are opening, the KDJ indicator is bearish, and the MACD fast line is below the slow line with green energy bars gradually expanding. Short-term prices have pulled back as expected. Currently, we continue to monitor the short-term pullback. Key support levels below are at 4888/4809/4750, while resistance levels above are at 4988/5098/5240.

Shanghai Gold: Resistance above is observed at 1125/1143, with support below at 1098/1075.

Spot Silver (London Silver): The broader trend shows wide fluctuations, with a medium-term staged upward movement. Short-term prices have pulled back as anticipated. We continue to watch the short-term pullback. Resistance above is seen at 82.2/92.2, with support below at 84.4/82.7.

Shanghai Silver: The trading range is focused around 22088-23385, with a broader range between 20518-24477.