On Thursday (February 26) during the Asian session, spot gold traded in a narrow range, currently hovering around $5167 per ounce. Gold prices climbed on Wednesday as inflationary pressures from US tariffs and geopolitical tensions ahead of the Iran nuclear talks stimulated safe-haven demand.

On the monetary policy front, the Federal Reserve's cautious stance also provided strong support for gold. Given policymakers' concerns about persistently high US inflation, the market widely expects the Fed to keep interest rates unchanged until at least June, while the European Central Bank may keep rates unchanged throughout 2026.

From a daily chart perspective, with continued increases in market risk aversion, gold prices are currently approaching the $5200 mark again, but have not yet opened up further upside potential, mainly due to the current abundance of uncertainties. The short-term moving averages are still in a bullish alignment, which will provide strong support in the future. The MACD indicator has also formed a golden cross above the zero line. Therefore, the recommended strategy is to buy on dips.

From the 4-hour chart for spot gold, although the price experienced a sharp drop in the early morning yesterday, even breaking through the support level of 5100, it successfully rebounded to the 5200 level as uncertainty increased during the European and American sessions. Therefore, the overall market is maintaining a high-level consolidation pattern. Currently, the short-term moving averages are largely converging, and the MACD lines are also quite close, suggesting that the struggle between bulls and bears may continue. Resistance: 5010-5000-4990; Support: 4995-4990-4980.

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.