February 6, 2026, Spot Gold Afternoon Analysis

The market has always been searching for direction amid fluctuations. The rebound after a sharp decline has pushed spot gold into a high-level consolidation pattern, making high sell and low buy the most fitting trading rhythm at the moment.

From the news perspective, the cooling of Fed rate cut expectations combined with a short-term rebound in the dollar has suppressed gold prices. Meanwhile, potential support from geopolitical tensions and long-term central bank gold purchases create a tug-of-war between bulls and bears, leaving the market without a clear direction. Ahead of non-farm payrolls, funds remain cautious, and the market mainly consolidates within a range.

Technically, spot gold is oscillating around 4860 today. Short-term resistance is at 4900-4920, with support at 4653 as the intraday low. The hourly chart shows clear signs of oscillation and correction, with indicators trending neutral and no obvious directional signals.

For midday trading, focus on high sell and low buy. If the price rebounds to the 4920-4900 resistance zone and faces pressure, consider taking light positions to short, targeting around 4860-4820-4780. Strictly set stop-loss orders, keep positions light, and avoid the risk of a breakout. If there are no unexpected news, gold is likely to remain within a narrow range, waiting for further guidance from the afternoon funds flow. Pay close attention to the 4850 support/resistance level as a key dividing line between bullish and bearish.

The above is only personal advice for reference and does not constitute investment guidance. Please follow the layout of Cheng Jingsheng Shipan for specific trading strategies!!$XAU ‌#XAU