February 4, 2026 Afternoon Analysis

Spot gold in the afternoon is mainly consolidating at high levels, but watch out for the risk of a pullback. Cheng Jingsheng briefly explains.

On the news front, the tense US-Iran situation is driving safe-haven funds into gold, and expectations of Federal Reserve rate cuts are also supporting the market. This morning, gold prices managed to stay above $5,000 and push higher. However, in the afternoon, focus on US employment and service sector data; if the data exceeds expectations, the dollar may rebound, putting pressure on gold.

From a technical perspective, it's straightforward: both MACD and RSI indicators are leaning bullish, and the 50-period moving average provides strong support. However, resistance is seen around $5,100-$5,140, making a short-term breakout difficult.

The afternoon outlook is likely to remain volatile with a sideways upward trend, but avoid chasing highs. A pullback to around $5,020-$5,000 could be a good opportunity for low buying, but if it drops below $4,980, stop-loss should be executed promptly. The target is near $5,100-$5,140. Overall, expect significant fluctuations; manage your positions carefully and avoid amplifying risks.

The above is only personal advice for reference and does not constitute investment guidance. Please follow Cheng Jingsheng's strategic layout for specifics!!$XAUT ‌#XAU