On Friday (February 13) in early Asian trading, spot gold was trading around $4,915.50 per ounce. Gold prices fell more than 3% on Thursday, reaching a near one-week low, as strong US jobs data weakened market expectations for a near-term Fed rate cut. After falling below the $5,000 per ounce mark, selling pressure intensified, leading to a wider decline.

All eyes are on Friday's upcoming US January Consumer Price Index (CPI) report. If the inflation data is as strong as the jobs report, indicating persistent price pressures, the Fed's rate cut timetable will be further postponed, and the gold correction period will be prolonged. If the inflation data shows a moderate decline, the market will resume betting on a mid-year rate cut, and gold is expected to find solid support below $5,000.

From a weekly chart perspective, the continued high level of risk aversion in the market has helped gold prices successfully continue their upward trend this week, and they have now basically stabilized above the 5000 mark. Whether they can further expand depends on the inflation indicators released tonight. Currently, the short-term moving averages continue to show a bullish alignment, and support levels are also rising, meaning that the downside potential may be limited.

From a daily chart perspective, the overall volatility this week wasn't particularly extreme, a stark contrast to last week. This is mainly because the market is still awaiting more clues. While the moving averages are currently showing a bullish alignment, the momentum hasn't fully materialized. Furthermore, whether the MACD indicator will form a golden cross again is also crucial. Therefore, the recommended strategy before major news events is to maintain a buy-low-sell-high approach. Resistance: 4985-5000-5010 Support: 4970-4960-4950.

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.