Gold technical analysis: Conflict between buyers and sellers intensifies, focus on major support and resistance levels

📅 Fundamental Analysis
On Tuesday (February 10), the spot gold price fluctuated and fell during the Asia-Europe period. It is currently trading around US$5,035 per ounce, with a daily decrease of approximately 0.4%. Despite ending a two-day winning streak, gold prices showed resilience near the psychological $5,000 mark and did not suffer from a broad sell-off.

🔍Main factors affecting gold prices:

🐦Risk sentiment improves: The end of a snap election in Japan and signs of easing tensions in the Middle East have weakened safe-haven demand.

💵The U.S. dollar is under pressure: Market expectations for the Federal Reserve to cut interest rates at least twice in 2026 pushed the U.S. dollar index to its lowest level in a week (about 96.79), providing support for the non-interest-bearing asset gold.

📊Data preview: The market awaits the U.S. non-farm payrolls report released on Wednesday and the inflation data (Consumer Price Index) released on Friday; traders avoid making bold bets.

📈 In-depth technical analysis

Daily chart structure
Gold opened high and fluctuated yesterday, then rose again to $5,086 and closed above the 10-day moving average. The current rise is mainly due to three factors:

The bullish momentum from last Friday’s positive candle continues;

Demand for safe-haven assets has not completely declined;

A weaker U.S. dollar provides additional impetus.

⚠️However, the smaller size of the bullish candles and signs of intraday weakness indicate that the current rebound is still rebounding from the oversold zone and has not yet reversed the mid-term correction trend.

key price levels

🛑 Strong resistance: 5090-5100 (yesterday’s high point and early resistance level)

⬆️Short-term resistance: 5090-5140

✅ Support areas:

5010 (near the 10-day moving average)

4980-4930 (multiple moving averages and psychological levels)

4960, 4920 (key support levels for pullbacks)

🎯 Trading Strategy

Daily strategy: Buy low, sell high.

If the price rebounds to the 5090-5100 range and encounters resistance, you can open a small selling position with a target of 5000-4980 range.

If the price falls to the 4980-4930 range and stabilizes, positions can be opened in batches with the target range of 5050-5080.

The short position we recommended yesterday can be held in the 5065-5070 range. Pay attention to the support level in the 5000-4970 range; falling below this level will open the way for further declines.

💬Interactive discussion
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🔔 NOTE: Market volatility may increase as non-farm payrolls and inflation data approach. We recommend trading with small positions and strict risk management!

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