Gold price analysis on February 12 showed that prices rose by over 1% on Wednesday. After initially paring gains as the market digested a strong U.S. employment report, solid long-term buying interest helped gold regain momentum.

U.S. job growth unexpectedly accelerated in January, with the unemployment rate dropping to 4.3%. Signs of stability in the labor market could provide the Federal Reserve with room to keep interest rates unchanged for some time.

Surveys indicate that the Fed will maintain its key interest rate unchanged for the remainder of Chair Powell's term, but is likely to cut rates as early as June. Economists surveyed also noted that under his potential successor, Warsh, the risk of excessively loose Fed policy increases. Investors are closely watching the upcoming U.S. Consumer Price Index report scheduled for release on Friday.

From a technical perspective, gold is exhibiting a slow, steady upward trend and has successfully broken through a key resistance zone. The current technical structure remains dominated by bullish sentiment. The initial surge following a breakout is often not the final peak; a pullback for confirmation typically provides a more reliable secondary entry point.

Gold closed slightly lower yesterday but remained above the moving average band. Structurally, the two trading days this week represent a digestion and confirmation process following last Friday's strong bullish candle. The fact that prices are holding above the moving averages suggests market acceptance of the short-term rebound trend. However, the limited upside extension also indicates weak bullish momentum at present. Additionally, the high-level consolidation reflects caution ahead of last night's non-farm payroll data, with the gold market awaiting fundamental events and data for directional guidance.

Based on the above analysis, today's trading strategy should adopt a range-bound approach. Short-term resistance is observed between 5083-5100, with key resistance at 5140. Short-term support lies between 5020-5000, with major support around 4970.