On Thursday (February 12) in early Asian trading, spot gold opened near $5100/ounce. Gold prices rose on Wednesday, briefly giving back gains as the market digested the strong US jobs report, but steady long-term buying pushed gold back into momentum. Unexpectedly accelerated US job growth in January and a drop in the unemployment rate to 4.3% suggest a stabilizing labor market, potentially giving the Federal Reserve room to keep interest rates unchanged for some time.

The market's current focus is undoubtedly on the upcoming US January CPI report. This data will directly impact market expectations of the inflation path. If the CPI shows easing inflationary pressures, it will strengthen expectations of a June rate cut, which is beneficial for gold; conversely, if inflation exceeds expectations again, it may temporarily suppress gold prices, but given strong fundamental support, the downside is expected to be limited.

From a daily chart perspective, international gold prices continued their upward trend this week, although the range and magnitude of the movement were significantly narrower. However, managing to hold above the $5000 mark again is already a considerable achievement. Currently, the short-term moving averages are turning upwards, providing support. However, it remains to be seen whether the MACD indicator will form a golden cross above the zero line. The inflation data to be released tomorrow night will also be crucial.

From a 4-hour chart perspective, the current gold price momentum is relatively stable. Benefiting from the continued rise in safe-haven demand, gold has rebounded after a significant pullback. However, if it attempts to break through historical highs again, it will likely depend on subsequent Fed policy developments. Currently, the moving averages and MACD lines are largely converging, limiting their effectiveness. Therefore, a strategy of buying low and selling high is recommended. Resistance: 5060-5070-5080; Support: 5045-5030-5020.

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.