February 10th Spot Gold Morning Analysis

Yesterday, spot gold experienced significant fluctuations at high levels, with intraday lows and rebounds, trading within the range of 4968–5080, with a volatility of over $110, and closing around 5060. The news was supported by geopolitical risk aversion and expectations of interest rate cuts; technically, the daily chart remains bullish, with strong support at the 5000 level. Overall, the market is consolidating with a strong bullish bias.

In terms of news: This morning, gold remains relatively strong, mainly supported by three factors. Tensions in the Middle East increase risk aversion, prompting funds to buy gold; markets believe the Federal Reserve will cut interest rates this year, weakening the dollar and U.S. Treasury yields, which is positive for gold prices; global central banks continue to buy gold, and domestic physical demand during the Spring Festival is also strong, supporting prices. During the day, focus on the dollar and U.S. Treasury movements; US economic data tonight will influence volatility.

Technical analysis: Spot gold has stabilized above the $5000 level, with Asian session trading around 5050. The hourly moving averages are in a bullish alignment, indicating an upward trend, but RSI is approaching overbought levels, suggesting a short-term pullback. Strong support is at 5000–5030; a break below this could weaken the bulls. Resistance is at 5080–5100; only a breakout above these levels could lead to further gains.

Trading strategy: It’s safer to buy on dips after stabilization rather than chasing highs. If prices quickly break below 5000, the short-term trend turns bearish, and adjustments should be made promptly. Overall, the bias remains bullish but with increased volatility; set stop-losses accordingly. Suggested approach: buy on dips near 5030–5000, targeting 5080–5100–5130 levels.

The above is only personal advice, for reference only, not investment advice. Please follow Cheng Jingsheng’s layout for specific trading strategies!!$XAU ‌#XAU