On Thursday (February 5th) in early Asian trading, gold was trading around $5004 per ounce. Gold prices rallied and then retreated on Wednesday, with spot gold ultimately closing down 0.3% at $4924.89 per ounce, after rising more than 3% at one point during the session. This pullback was mainly due to the strengthening of the US dollar index to near a one-week high and profit-taking by investors after the recent record rally.

On the geopolitical front, despite a series of important diplomatic interactions that day, including the upcoming US-Iran talks and phone calls between leaders of major powers, these events failed to provide sustained safe-haven support for gold prices, indicating that the market is reassessing geopolitical risk premiums. Regarding economic data, the US ADP private sector job growth for January, released that day, was only 22,000, far below the market expectation of 48,000, providing an early signal of a potential slowdown in the US labor market.

From the daily chart for spot gold, yesterday's price rebounded and then fell back, forming a candlestick pattern with a long upper shadow. Today, after reaching a secondary high, there are signs of further decline. Currently, the MACD indicator remains in a bearish crossover, and the downward-moving MA5 has failed to provide effective support, suggesting that the pullback may not be over yet, and further downward movement is possible.

From the 4-hour chart for spot gold, the price rebounded to slightly above 5090 but failed to hold, showing signs of starting a downward consolidation. However, since the MACD indicator has not yet issued a bearish crossover signal, it suggests that the next phase of the pullback has not yet officially begun. Intraday, attention should be paid to the resistance effect of the MA5 and MA10 moving averages. If the price cannot rebound effectively, it may revert to its previous gains. Resistance: 4890-4900-4910 Support: 4880-4870-4760.

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.