The escalation of the dispute between the US and Europe over Greenland, turmoil in the Middle East, and the ongoing Russia-Ukraine conflict have heightened geopolitical risks, boosting risk aversion. The Federal Reserve's rate cut expectations have strengthened, while the US dollar's credibility has weakened due to high US debt and weaponization abuse. Coupled with continuous gold purchases by global central banks and the acceleration of de-dollarization, these factors collectively support the rise of gold prices. This is a structural driver, not a short-term pulse, making gold prices more likely to rise than fall.

Analysis for the evening of January 26, 2026

Gold breaks through 5000 and hits a new high! Can the bulls continue tonight?

Currently, spot gold has surged above the $5000 mark today and continues to hit a new high of 5110. Safe-haven sentiment and capital deployment have driven gold prices higher and higher. Tonight, be cautious of technical pullbacks from high levels, as the battle between bulls and bears will intensify.

Early in the morning, Cheng Jingsheng predicted a breakthrough of the 5000 level, and the trend indeed arrived as expected, perfectly aligning with the strategy, even surpassing expectations. The midday strategy once again echoed the trend; below, Cheng Jingsheng makes a bold prediction for tonight's movement. From the news perspective, geopolitical risks continue to escalate, with disagreements over Greenland between the US and Europe, and increased military deployments in the Middle East boosting safe-haven buying. Coupled with ongoing global central bank gold purchases and a weakening US dollar, these are the core drivers pushing gold prices higher. As the Federal Reserve's January meeting approaches, market expectations for rate cuts remain unchanged, further supporting demand for gold assets. However, the short-term rally is excessive, and profit-taking may trigger a slight pullback.

From a technical standpoint, the daily Bollinger Bands are opening upward, and although the MACD bullish momentum has decreased in volume, the golden cross remains, indicating the overall bullish pattern has not changed. On the hourly chart, the KDJ is overbought at high levels and shows signs of forming a death cross. The 5000 integer level is a key support, with 5100 as an important resistance. In the short term, the market is in a high-level oscillation and consolidation phase.

For tonight's trading, the recommendation remains to buy on dips, accumulating long positions in the 5060-5040 range with stop-loss at 5030 USD, targeting the 5100-5120 range. However, sustained high-level oscillation requires caution for profit-taking and potential pullbacks!

The above is only personal advice for reference. Please follow Cheng Jingsheng's layout on Shipan for specific strategies!!!#黄金