February 3, 2026 Spot Gold Morning Analysis

Currently, spot gold is in a "main upward trend with short-term fluctuations," so there's no need to be scared by recent price swings. The core logic is simple: central banks around the world are still aggressively buying gold to support the market, with an average monthly purchase of over 60 tons in 2026. China's central bank has also been increasing its holdings, providing strong long-term support for an upward trend.

Although the price has fallen significantly from around $5600 earlier, now spot gold is approximately $4800. This is just a normal correction after a sharp rally. In the short term, it is mainly fluctuating between $4700 and $4950, with $4700 as a key support level and the $4900-$5000 range as the main resistance.

Looking ahead, the Federal Reserve is likely to cut interest rates, which is positive for non-yielding assets like gold. In terms of trading strategy, wait for a pullback to the $4780-$4800 range to buy on dips, with a stop-loss set below $4760. The initial target is $4900-$4950. If the price rebounds to $5000 but cannot break through, a small short position can be taken to profit from quick swings.

Remember not to hold a full position. In a volatile market, set proper stop-losses, follow the broader trend of central bank gold purchases and rate cuts, and prioritize steady gains over quick profits.

The above is just personal advice for reference only and does not constitute investment guidance. Please follow Cheng Jingsheng's layout for specific strategies! $XAUT