On Wednesday (February 11) in early Asian trading, gold was trading around $5040.45 per ounce. Gold prices fell more than 1% on Tuesday, closing at $5013 per ounce. US April data closed up about 1%, at $5031 per ounce, mainly due to investors taking profits and adjusting positions ahead of key US employment and inflation data releases. These data are expected to provide important guidance for the Federal Reserve's future interest rate policy.

Specifically, the January non-farm payrolls report will be released on Wednesday, with the market expecting 70,000 new jobs added; the January Consumer Price Index (CPI) is scheduled for release on Friday. In addition, the latest data showed that US retail sales unexpectedly remained flat in December, indicating that consumer spending and economic growth may be slowing. Market concerns about the economic outlook have strengthened expectations of interest rate cuts. Traders now widely expect the Federal Reserve to implement two 25-basis-point rate cuts this year. Since gold does not generate interest itself, lower interest rates will reduce the opportunity cost of holding gold, thus benefiting gold prices.

From the daily chart for spot gold, yesterday's price action was mainly range-bound, forming a doji candlestick pattern. However, the price has consistently traded above the 5-day moving average (MA5) support, suggesting that the MA5 is providing strong support. Currently, the MACD lines are converging; if the MA5 support continues to hold, further upward movement is possible.

From the 4-hour chart for spot gold, although yesterday's price action showed some upward momentum, it was consistently limited by resistance, causing the MACD lines to flatten. This suggests that the price is in a period of directional uncertainty, and the 4988-5086 range should be monitored. In the short term, attention should be paid to the range-bound movement and the direction of any breakout. Resistance: 5060-5070-5080; Support: 5050-5040-5030.

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.