Analysis of International Gold and Silver Trends On February 6th, an analysis of gold market news: On Thursday (February 5th, Beijing time), spot gold was trading near $4,820 per ounce. Gold prices surged then fell on Wednesday, influenced by the US dollar index strengthening to near a one-week high and investors choosing to take profits after the recent record-breaking rally. Spot gold prices ultimately closed down 0.3% at $4,924.89 per ounce, after having risen more than 3% during the session. This pullback was primarily driven by the dual impact of a stronger US dollar index and profit-taking by investors following the significant recent gains. On the geopolitical front, despite important diplomatic interactions during the day, including upcoming US-Iran talks and phone calls between leaders of major nations, these events did not provide sustained safe-haven support for gold prices, indicating that the market is reassessing geopolitical risk premiums.
Technical Analysis of Gold: From the perspective of the daily gold chart, prices staged a significant rebound yesterday, filling the gap left by Monday's opening. This forms a reasonably good short-term bullish candlestick bottom pattern. The key for future price action lies in whether it can break through and hold above the $5,100 level. If it can move back above the moving average cluster, it could potentially open up further upward space. However, it is important to note that the MACD indicator is currently forming a bearish crossover above, which may somewhat limit the strength of the bullish momentum.
From the 4-hour gold chart perspective, after hitting a multi-day low near $4,430, gold prices finally experienced a consecutive rebound. The structure has now formed seven consecutive bullish candles, suggesting that short-term battles between bulls and bears have intensified again. After a brief decline, gold has returned above $5,000. Fundamentally, escalating US-Iran tensions are supporting safe-haven demand, but personnel changes at the Federal Reserve reinforcing hawkish expectations are putting downward pressure on gold prices. Therefore, as long as short-term volatility does not decrease effectively, prices are expected to maintain high-level consolidation. The rebound in the US dollar index is also limiting gold's strength. Overall, for today's short-term trading strategy in gold, the recommended approach is to primarily look for buying opportunities on dips, with selling on rallies as a secondary tactic. Key short-term resistance above is focused around the $4,950-$5,000 zone, while key short-term support below is focused around the $4,800-$4,750 zone.