Core Viewpoint - International gold prices have shown a strong rebound, returning above the midline, indicating increased bullish momentum, although further movement above the 5-day moving average is needed to enhance bullish prospects [1][3]. Price Movement - Gold opened at $4667.81 per ounce, reached a low of $4665.67, and then rebounded to a high of $4992.95 before closing at $4935.80, marking a daily range of $327.28 and a gain of $267.99, or 5.74% [3]. - The recent price increase is attributed to buying pressure following a previous low, geopolitical tensions ahead of US-Iran talks, and indications from the Federal Reserve regarding potential interest rate cuts [3][5]. Market Outlook - On February 4, gold opened with weakened bullish momentum due to resistance from short-term moving averages and profit-taking, alongside reduced safe-haven demand following a government funding bill signed by Trump [3]. - Despite these factors, gold remains above key support levels, suggesting that the market may either consolidate or continue to strengthen, with a lower probability of further declines [3][5]. Technical Analysis - The daily chart indicates that gold has returned above the 30-day and midline averages but faces resistance at the 10-day moving average, necessitating a breakthrough for a stronger bullish trend [7]. - Key support levels for gold are identified at $4850 and $4760, while resistance levels are at $5050 and $5160 [7]. - The monthly chart shows that despite a recent drop, gold has rebounded from a previously established upward trend support, indicating the potential for a new bull market [7]. Economic Indicators - Upcoming data to watch includes the US ADP employment figures, S&P Global Services PMI, and ISM Non-Manufacturing PMI, with mixed market expectations [5]. - The recent factors contributing to price drops have subsided, leading to a more favorable outlook for gold prices, supported by indications from Federal Reserve officials about significant rate cut potential this year [5].
张尧浠：地缘局势及降息再升温、金价延续反弹逢低看涨
Sou Hu Cai Jing·2026-02-04 00:19