February 3, 2026 Midnight Analysis

In the afternoon and into tonight, spot gold has been following a "oscillating upward" pattern. After a sharp decline in recent days, it’s gradually recovering. But don’t think it can keep rising all the way; the risk of a pullback still exists. After all, the recent surge has accumulated a lot of profit-taking, and exchanges are still adjusting margin requirements. High-leverage funds haven't been fully cleared out, so a short-term pullback could happen at any time.

On the news front, the hawkish expectations for the Federal Reserve Chair nomination have been mostly digested. Central banks around the world are still actively buying gold, and geopolitical risks haven't disappeared. These are solid long-term fundamentals supporting gold prices. Technically, gold is currently oscillating around key moving averages. The RSI indicator isn’t in the overbought zone, and momentum remains decent, but Bollinger Bands show that approaching the upper band often leads to a correction. Support levels should be watched around $4,850, and if broken, further downside is possible.

In summary, tonight’s trend is likely to be a sideways upward movement. But avoid chasing highs; wait for a pullback before considering a more stable entry. Manage your positions carefully and avoid over-leverage, as market volatility remains high. Midnight trading suggestions are to buy on dips around $4,980–$5,000 in batches, with targets at $4,920–$4,880–$4,820.

These are just personal suggestions for reference only. Please follow Cheng Jingsheng’s strategic layout for specifics!!!$XAUT