Gold market analysis

"Gold Price Poised to Again Test $5,260" 24/2/2026 10:45 Finalized 

Yesterday, the gold price was extremely volatile. The spot gold price reached a high of $5,176.53 in the early Asian session, then formed a small double top on the 5-minute chart and fell. After hitting a low of $5,122.7 in the early European session, it rebounded and broke through the top of the previous sideways range at $5,119.22, confirming the breakout signal. Subsequently, the gold price consolidated at a high level and continued to rise in the early New York session, reaching a high of $5,237.48, consistent with the direction we mentioned yesterday that it would challenge $5,260. 

As $5,260 is located at the 180-degree angle of Gann's Square, it is a strong resistance level. This morning in the early Asian session, gold prices rose further to $5,249.97 and then plunged sharply, hitting a low of $5,145.76. Moreover, the hourly chart closed below the 50SMA (currently around $5,211.72), and then gold prices fluctuated above this line. The closing below this level increases the risk of further decline, but currently, gold prices have just broken through the top of the previous sideways range, and the risk factors of geopolitical situations are brewing, providing support for gold prices. Yesterday, it was pointed out that Monday was the short-term cyclical top for gold prices. Due to the sharp drop this morning, selling pressure has been reduced and there is a strong possibility of a rebound. 

In the short term, gold prices have risen above the 20SMA (5175) on the 5-minute chart. The next resistance level is at the 50SMA (5210). However, since this level was already broken yesterday and is not a strong resistance or support level in Gann's square, gold prices are likely to challenge the resistance at $5,250 from yesterday again, and even break through $5,260, approaching $5,300 before falling back in a double top pattern. Gold prices are expected to consolidate between $5,160 and $5,210 today before breaking out upward. $5,260 is still considered a strong resistance level, and the range of $5,260 to $5,310 is a strong resistance zone. It is expected that the volatility of gold prices above $5,260 will increase, and the bullish and bearish battles will become more intense! 

The above content is for reference only and does not constitute investment advice.