The positive signals released by the US-Iran negotiations caused the price of gold to fall sharply by about US$150, and the price of crude oil also fell during the day. The Federal Reserve suddenly adopted a more accommodative stance, and the US President announced the official launch of the US-Japan trade agreement. The probability that the Fed will keep interest rates unchanged in March is 92%. Geopolitical tensions remain a major factor affecting gold’s future direction.

Technically, the daily chart shows a downtrend with the moving averages forming a “death cross” pattern. Focus on the continuation of this trend, with short-term resistance located near the 5- and 10-day moving averages. On the 1-hour chart, gold prices are trending lower within the lower Bollinger Bands channel, indicating that a short-term bottom may be seen. Markets need time to consolidate and gain momentum. In the short term, it can trade within the consolidation range and pay attention to the 4900 level.

Short-term trading strategy: If the price breaks through the 4900 mark and stabilizes above 4910, it will continue to follow the trend and may extend the upward trend to between 4940-4970.

If resistance is encountered near the 4900 mark, it is recommended to sell in the short term.

For holding gold in the medium and long term, it is best to buy it in batches, hold it for a long time, and be optimistic about the prospects.

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