February 2, 2026 Spot Gold Evening Analysis

The market has experienced a historic level of turbulence. After a sharp decline, it is highly likely to enter a low-level consolidation and correction phase in the afternoon and evening. Do not blindly chase short positions; wait patiently for signs of stabilization before taking action.

Regarding news, President Trump’s nomination of Kevin W. W. to be Federal Reserve Chair has increased expectations of interest rate hikes. Coupled with profit-taking from previous gains, this triggered a chain of sell-offs. Spot gold temporarily dropped to around 4403. CME increased margin requirements, which intensified volatility as leveraged funds closed positions. ETF funds are short-term flowing out, but central bank gold purchases and physical demand provide a bottom support for gold prices.

Tonight, focus on the 23:00 US Manufacturing PMI data, which may influence short-term fluctuations in the dollar and gold prices.

Technically, the daily chart shows three consecutive bearish candles, with short-term moving averages in a bearish alignment, indicating a technical correction after a sharp decline. Key support levels are at 4700, with strong support in the 4400-4440 range; resistance levels are at 4850, with strong resistance at 4900.

Trading suggestion: If a rebound reaches the 4840-4850 zone and faces resistance, consider a light short position with a stop-loss above 4860, targeting 4700. If it breaks below, look for around 4440.

If the price stabilizes above 4850, shift to a sideways to bullish stance, targeting the 4900-4960 range. Strict position control is required, with a stop-loss below 4820.

The above content is for analysis only and does not constitute investment advice. Please follow Cheng Jingsheng’s layout for specific strategies!!$XAUT ‌#XAU