Core Viewpoint - International gold prices experienced fluctuations, unable to break through previous highs, but also did not decline significantly, influenced by major progress in US-Iran negotiations and mixed signals from the Federal Reserve regarding interest rates [1][5]. Price Movement - Gold opened at $5160.19 per ounce, reached a high of $5205.33, then fell to a low of $5130.43, before closing at $5185.13, with a daily range of $74.9 and a gain of $24.94, or 0.48% [3]. - The short-term direction of gold remains uncertain, with the dollar index showing strength, which may limit bullish momentum, but overall pressure on gold prices is expected to be limited, creating potential buying opportunities [3][5]. Economic Indicators - Key economic data to watch includes the US January PPI year-on-year and month-on-month, February Chicago PMI, and December construction spending month-on-month. A decrease in PPI is anticipated, supporting the outlook for interest rate cuts, which could be beneficial for gold prices [5]. - The recent increase in initial jobless claims in the US has led to expectations of two interest rate cuts by the Federal Reserve this year, alongside concerns over tariffs and geopolitical uncertainties [5]. Demand Insights - The SPDR Gold Trust, the world's largest gold ETF, reported an increase in holdings to 1097.62 tons, up by 3.43 tons from the previous trading day, marking the highest level since February 2021, indicating strong institutional confidence in gold's long-term value [5]. Technical Analysis - On a monthly basis, gold prices have rebounded after touching a key support level, indicating a continuation of the bullish trend, with expectations of further upward movement [7]. - Daily charts show gold in a consolidation phase, with bullish signals present, suggesting a potential for upward movement, with key support levels at $5160 and $5120, and resistance levels at $5225 and $5260 [9].