Analysis of Spot Gold on February 4, 2026

This morning, spot gold remains above $4,940, fluctuating and trending higher, continuing the recent sideways upward momentum.

From a news perspective, global central banks continue to buy gold, and geopolitical risks support gold prices. However, the impact of the delayed Fed rate cut expectations has not dissipated, and the Shanghai Gold Exchange has raised the margin requirement to 17%. Coupled with the approaching $5,000 psychological level, profit-taking pressure has increased, and a pullback risk remains.

Technically, the daily KDJ and MACD indicators are leaning bullish, with a stable bullish trend. The key support levels are at $4,920–$4,930; resistance is concentrated at $4,970–$5,000, making a breakout challenging.

In terms of trading, avoid blindly chasing the rally. In the short term, consider lightly long positions with support at $4,920, setting a stop-loss below $4,900. More conservative traders can wait for a pullback near $4,900 to gradually build positions, targeting around $4,980–$5,000–$5,040, while being cautious of increased volatility at key levels.

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