February 3, 2026 Spot Gold Midday Analysis

In the morning, Cheng Jingsheng recommended buying the dip during the pullback, and the oscillating upward trend has perfectly followed the expected pattern. At midday, spot gold continues to move in an oscillating upward trend, rebounding from the low near $4400 on Monday.

The news is somewhat contradictory. On one hand, the recent sharp decline triggered by the Fed chair nomination has gradually been digested, and buying interest has entered the market to support prices. On the other hand, the US dollar is still holding onto recent gains, and with the US-India trade agreement reached and geopolitical tensions easing, the safe-haven demand isn't as strong, which has put a cap on gold prices.

From a technical perspective, gold prices found support at a key level and rebounded. The RSI indicator is also showing signs of turning upward, indicating short-term rebound momentum. However, don't be overly optimistic; there are moving averages and the middle band of the Bollinger Bands pressing down from above, and the MACD still shows a bearish signal, so a continuous rise isn't guaranteed.

In simple terms, the current situation is a sideways upward movement, but the risk of a pullback hasn't been eliminated. After the previous sharp rise and fall, the market is still de-leveraging and digesting sentiment, so a one-sided trend is unlikely. In terms of trading, avoid chasing highs; consider light positions near support levels for long entries, and take profits at resistance levels. Manage your positions carefully and avoid greed.

Suggested range: 4840-4860. Target near 4920-4950. If broken, hold the position; stop-loss around 4820. A breakdown of the stop-loss level indicates a reversal of the pattern, requiring re-entry.

This is only a personal suggestion for reference. Please follow Cheng Jingsheng's layout for precise trading!!$XAUT