黄金大阳上涨，见底了？结构仍存变化（2026.2.4）

Technical Analysis - Gold prices showed a strong upward trend, recovering over 50% of the previous decline from a high of 5597 to a low of 4403, with an intraday increase exceeding 300 dollars [2][4] - The current upward movement from the low of 4403 may indicate the start of a new bullish wave, but further analysis is needed to confirm if the adjustment phase has officially ended [4][6] - Key support is identified at 4880, with further support levels at 4810-4800, while resistance is focused on the 5000 mark, with potential upward targets of 5100-5140 [6] Fundamental Analysis 1. The market sentiment reversed on February 3, as investors reassessed the impact of the Federal Reserve's personnel changes, leading to a rebound in gold prices after a period of panic selling [8] 2. Economic uncertainty due to delayed employment data from the U.S. government has heightened concerns about future economic trends, reinforcing gold's appeal as a safe-haven asset [9] 3. The weakening credit of the U.S. dollar and ongoing "de-dollarization" efforts by global central banks are expected to drive demand for gold, with projections indicating a net purchase of 863 tons by 2025 [10] 4. Geopolitical risks, particularly the escalation of the Russia-Ukraine conflict, have contributed to increased risk aversion, further supporting gold prices [11] 5. Upcoming economic data releases, including the January ADP employment change and ISM non-manufacturing PMI, will be crucial in shaping market expectations regarding Federal Reserve policies and short-term gold price movements [12]