On February 25, during the Asian trading session, spot gold saw a modest increase but remained constrained below the key psychological level of $5,200. The current upward movement in gold is primarily driven by two factors: geopolitical risk premiums and a temporary weakening of the US dollar. From a monetary policy perspective, the US Federal Reserve maintains a relatively hawkish stance. Recent meeting minutes indicate that most officials believe it is inappropriate to rapidly lower interest rates until there is a clear decline in inflation. However, concerns persist in the market regarding US trade policy. The US has already imposed a 10% tariff on most imported goods and plans to increase this further to 15%. Trade friction could trigger supply chain disruptions and expectations of slowed economic growth, typically increasing demand for safe-haven assets, thereby providing support for gold. Overall, gold is currently in a state of balance between macroeconomic tailwinds and fluctuating risk appetite. The underlying upward trend remains intact, although the pace of the ascent has moderated.

The daily and 4-hour chart structures for gold still maintain a bullish trend pattern. Prices have established a significant structural support zone above $5,100, indicating solid defense by bullish forces. The key characteristic of current price action is that upward momentum has slowed, but no signals of a trend reversal have emerged. The Relative Strength Index (RSI) is operating around 62, suggesting the market remains in a strong phase but has not entered extreme overbought territory. The MACD indicator shows a gradual contraction in positive momentum, indicating the market is entering a consolidation phase at higher levels rather than forming a top structure.

Short-term resistance for the day is located near $5,220. A breakout above this level could lead the market to test the $5,240 area. On the downside, support is seen at $5,150. A breach below this level might lead to a retest of the $5,100 integer handle. If prices fall further below $5,100, the next potential support zone lies around $5,050.

Intraday Resistance: Near $5,210, $5,220, $5,240. Intraday Support: Near $5,160, $5,140, $5,100, $5,050.