On Wednesday (February 4th) in early Asian trading, spot gold was trading around $4935 per ounce. Spot gold rebounded strongly by over 6% on Tuesday, marking its largest single-day gain since November 2008. This was mainly driven by bargain hunting supported by strong fundamentals, while escalating geopolitical tensions also delayed the price increase.

Overall, this strong rebound in gold suggests a continuation of the bull market, although a consolidation phase may occur in the short term. Fundamental factors such as Federal Reserve policy, geopolitical risks, and a weak dollar will continue to play a role, especially against the backdrop of delayed economic data and increased global uncertainty, making gold's safe-haven appeal even more prominent. Of course, risks remain, such as a rapid contraction of the Federal Reserve's balance sheet or an unexpected easing of geopolitical tensions, which could temporarily put downward pressure on gold prices.

From the daily chart for spot gold, yesterday's price rebounded sharply, filling the gap from Monday's opening. This is a fairly good short-term bottoming pattern. The key to the future lies in whether it can break through and hold above the 5000 mark. Once it returns above the moving average group, there is a chance to further open up upward space. However, it should be noted that the MACD indicator has formed a death cross, which may limit the strength of the bulls to some extent.

From the 4-hour chart for spot gold, after hitting a multi-day low near 4430, the price has finally seen a continuous rebound, currently forming seven consecutive positive days, indicating that the battle between bulls and bears has intensified again. The future direction will depend on this week's non-farm payroll data. Currently, the short-term moving average group is starting to turn upwards, providing support, and the MACD indicator has also formed a golden cross below the zero line. Therefore, the trading strategy can be readjusted to buying on dips. Resistance: 5070-5080-5090; Support: 5055-5040-4030.

Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.