Gold market analysis

Gold price rises close to $5,410, faces strong resistance 2/3/2026 09:04 Finalized 

On February 28th, the United States and Israel launched a joint military operation against Iran. Iran's Supreme Leader Ayatollah Ali Khamenei and dozens of military generals were killed in the attack. It was also reported that three US soldiers were killed. In response, Iran launched missiles at US military bases in the Middle East. Additionally, an oil tanker was attacked and sank in the Strait of Hormuz. 

Investors' risk aversion sentiment has intensified. International oil and gold prices have risen sharply in the early Asian market this morning. New York crude oil once approached $75 per barrel. Spot gold prices opened with a large gap and rose to as high as $5,393 per ounce before experiencing a significant pullback. However, after slightly breaking through $5,350 per ounce, it found support. Silver prices also slightly retreated after approaching $96.4 per ounce. 

Although Trump stated that Iran is willing to negotiate with the United States, he also expected that the US military operation against Iran would last for four weeks. Therefore, it is believed that the risk-averse sentiment in the financial market will be difficult to cool down in the short term. As for the gold price, 5360 is located at the 270-degree angle of Gann, but the gold price has approached 5400 US dollars. Under the current circumstances, the gold price still tends to repeatedly test the high level. 

In the short term, it is expected that the gold price will likely fluctuate within the range of $5,310 to $5,410, but with increased volatility. Although the gold price has risen sharply due to the above-mentioned events, it can still fall by more than $40 from its peak, indicating that the market believes the military disparity between the United States and Iran is significant, and the resulting risk-aversion actions will not last long. Therefore, investors should not expect the gold price to soar as a result, but rather be prepared for a significant correction. 

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