Gold surges past 4980! Short-term trend shaped by the battle between bulls and bears

Strategy for the morning of January 26, 2026

Market movements are never accidental; they are always the result of both news and technical factors! Spot gold hit a new all-time high at the start of the year. After surpassing 4980, the short-term tug-of-war between bulls and bears has intensified, but the core upward logic remains unchanged, and the trend has long contained the direction.

On the news front, geopolitical risks have not eased, the Federal Reserve's stance on interest rate cuts remains divided, and concerns about the US dollar are rising. Additionally, global central banks are buying gold, and domestic demand for physical gold before the Spring Festival has reached its peak, supporting gold with multiple positive factors. The only thing to watch out for is that if geopolitical tensions temporarily ease, some funds may take profits and exit, causing a slight pullback.

Technically, gold is currently oscillating at high levels but maintaining a relatively strong trend, firmly holding above the core support at 4885. The upward trend on daily and weekly charts remains intact, and volume-price dynamics are favorable. Support levels at 4935 and 4900 form a stair-step pattern; even if prices dip slightly, the overall upward momentum will not change, and the space for further gains is open.

In summary, spot gold is expected to trend upward with short-term oscillations. The main strategy is to buy on dips. Focus on building long positions around the key support at 4935, targeting the 4980-5040 range. If the price unexpectedly breaks below 4935, it’s advisable to stay on the sidelines and watch for a decline to the 4910-4890 zone. Simply put, focus on dips for buying opportunities, keep an eye on geopolitical developments and real-time Federal Reserve news, and implement risk management to handle short-term volatility.

The above is for personal reference only; please follow Cheng Jingsheng's layout for specific strategies!!