February 11, 2026, Spot Gold Morning Analysis

Early morning spot gold closed around 5023, with bulls and bears temporarily stalemated, mainly consolidating and waiting for data.

Regarding news, the key focus tonight is the US January Non-Farm Payrolls report at 21:30, which will directly influence expectations for a Fed rate cut in March. Weak data will be bullish for gold, weakening the US dollar and US Treasury yields, making gold prices easier to rise; strong data will be bearish. Ongoing Middle East geopolitical tensions continue to provide safe-haven support. Domestic Spring Festival physical demand remains steady, and central bank gold purchases are ongoing, laying a foundation for gold prices. In the short term, a sharp unilateral decline is unlikely.

Technically, gold is oscillating in the $4980-$5080 range. The $5000 level is a key support, repeatedly tested but held, with obvious buying support. The resistance at $5080-$5100 is strong; a breakout requires increased volume. The morning candlestick shows alternating red and green with no clear directional trend, indicating a pre-data consolidation phase.

This morning, gold prices are likely to remain within a narrow range with limited volatility, mainly waiting for tonight’s non-farm payroll data.

Operational suggestions: observe more and act less, adopt a cautious and wait-and-see approach; for short-term trading, holding above the $5000 support allows for light long positions, while a break below suggests a bearish trend. Strict stop-loss controls are recommended. If prices retrace to around $4980-$5000, consider adding small long positions targeting $5050-$5080. A break below could lead to further gains toward the $5100 level.

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