Gold Market Analysis: On February 5, analysis of gold market drivers: In early Asian trading on Thursday (February 5, Beijing time), spot gold was trading near $5,004 per ounce. Gold prices surged then retreated on Wednesday, influenced by the US dollar index strengthening to near one-week highs and investors taking profits after recent record-breaking gains. Spot gold ultimately closed down 0.3% at $4,924.89 per ounce, after rising more than 3% during the session. This pullback was primarily driven by the dual impact of a stronger dollar and profit-taking following the rally. Geopolitically, despite significant diplomatic interactions including upcoming US-Iran talks and calls between world leaders, these events did not provide sustained safe-haven support for gold, indicating the market is reassessing geopolitical risk premiums.

Technical analysis for gold: The current chart shows an early surge in gold prices during the Asian session, followed by continued strengthening. The price tested but failed to break above the $5,100 resistance level, with a slight rebound during European hours. The overall momentum remains bullish, with prices oscillating above the 20-hour moving average on the hourly chart. The daily chart structure shows gold piercing through the 5 and 10-day moving averages, suggesting potential bullish revival. Even without significant further gains, the consecutive upward moves over two days make a substantial decline unlikely in the near term. Unless there is strong fundamental support, expecting a medium-term corrective trend for gold is not advisable.

On the hourly chart, after reclaiming the 20-hour moving average yesterday, gold has maintained position above it. Despite a pullback during the European session, the price held above this level. The trading pattern over the past two days has been similar. Key support to watch is near $5,015 (the 20-hour moving average). A break below this level could signal the end of the short-term rebound, leading to a resumption of the bearish correction. If support holds between $5,015 and $5,000, gold may continue trading in a high range, though resistance near $5,100 remains significant, and such conditions carry high uncertainty, making trading less favorable. Immediate resistance is at the $5,100 level, followed by the $5,135–5,145 and $5,220–5,240 zones, which are potential targets for a corrective rally and possible starting points for a secondary decline. Key support levels are $4,880–4,870 (the intraday pivot), then $4,700–4,720 and $4,600. The critical support remains the low from the New Year period, particularly $4,500 and Monday's low of $4,400, as a retest of $4,400 could challenge the New Year's low. Overall, for gold's short-term trading strategy today, focus on buying on dips with selling on rallies as a secondary approach. Key resistance is at $5,070–5,120, and key support is at $4,970–4,920.

Crude Oil Market Analysis: Analysis of crude oil market drivers: In early Asian trading on Thursday (February 5, Beijing time), US crude oil was trading near $64.33 per barrel. Oil prices rose on Wednesday, primarily driven by developments related to US-Iran nuclear talks. Brent crude futures settled at $69.46 per barrel, while US crude futures closed at $65.14 per barrel. According to US Energy Information Administration data, crude inventories fell by 3.5 million barrels last week, exceeding analysts' expectations but less than the decline reported by the API, which limited further price gains. Meanwhile, India's crude oil imports from Russia continued to decline in January.

Technical analysis for crude oil: On the daily chart, oil prices ended a series of gains with a large bearish candlestick. The moving averages still support a bullish alignment, maintaining the medium-term upward trend. The MACD indicator remains above the zero line, with bullish momentum dominant, suggesting a continued upward trend for crude oil in the medium term. On the short-term (1-hour) chart, prices rebounded from lows, resuming an upward trajectory. Moving averages have turned upward, indicating a short-term bullish trend. The MACD has crossed above the zero line, with the fast and slow lines and histogram showing strong bullish momentum. Intraday, crude oil is expected to continue rising, though gains may be limited and unlikely to break previous highs. Overall, for crude oil's trading strategy today, focus on buying on dips with selling on rallies as a secondary approach. Key resistance is at $65.5–66.5, and key support is at $63.0–62.0.