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 to approximately $4800 recently, this is just a normal correction after a sharp rise. In the short term, prices are 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, consider buying on dips near the $4780-$4800 range, with a stop-loss below $4760. The initial target is $4900-$4950. If the price rebounds to $5000 but cannot break through, you can also take a small short position to quickly profit from the volatility.

Remember not to go all-in; in a choppy market, set proper stop-losses and follow the big trend of central banks buying gold and cutting rates. Making steady gains is more important than 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.