February 2nd Gold Morning Review: Gold surges then pulls back, waiting for stabilization signals

The 4-hour gold chart shows that after a smooth upward trend, on January 29th, it reached a high of 5596.12, then experienced a sharp unilateral decline. Within a few trading days, the price broke through key support levels, dropping as low as 4543.80, with a single-day decline of over a thousand points. Currently, it is temporarily stabilizing around 4883.45.

At present, gold is in a correction cycle after intense volatility. Two types of movements should be watched: first, the risk of a double bottom. If the key support at 4682 is broken, the market may continue to weaken and further test previous lows; second, a technical rebound opportunity. If the price stabilizes within the 4682-4800 range, it may rely on this support zone to initiate a corrective rebound, with a key focus on the 5000 integer level resistance.

Trading Suggestions

Short positions: When rebounding to the 4980-5000 range, consider entering short positions, with targets sequentially at 4880, 4800, 4680, and 4500.

Long positions: After a pullback and stabilization around 4800, consider short-term long positions, with targets sequentially at 4880, 4950, and 5000.

Personal opinion, for reference only