2.6 Dong Yan: Gold continues to plunge from a high point, key support may be lost

On Thursday, the Chicago Mercantile Exchange took action again, raising the margin ratio for gold and silver futures. The European Central Bank and the Bank of England kept interest rates unchanged, in line with market expectations. Precious metals suffered a severe blow, spot gold once fell below the 4800 mark, ultimately closing down 3.73%!

In just a few days, gold and silver have dropped from historical highs. Is this a deep pullback in a bull market, or the death knell of a trend reversal? Peeling away the panic that permeates the market, the underlying factors include the strong rebound of the dollar, rapid cooling of geopolitical risks, a shift in overall market risk appetite, and the multiple resonance of technical selling and leveraged liquidation—all of which have exploded in a short period!

Yesterday, gold surged and then fell during the Asian session, fluctuated during the European session, and rose and then fell during the US session, closing with a large bearish candle. Last night's key support was at 4800; the US session struggled to rebound above 4800 for 4 hours, and if it doesn’t rise that means it will fall. In the later part of the night, it broke below 4800, opening up space for further declines. The trend is very clear: the rebound high of 5091 on Wednesday is the turning point. Once the rebound ends, it will continue to fall. Next, it will test the next low and the previous low (the previous low is 4403). If reached, short-term longs can be considered. Now both long and short opportunities exist in the short term due to high volatility, with strong resistance above at 4850. If there is a rebound near 4840-4850, short-term shorts can also be considered!

【2026.1.6 Trading Suggestions】

Gold: Short at 4840-50, stop loss at 4860, targets at 4700, 4650, 4600;

Silver: Short at 75-75.5, stop loss at 76.5, targets at 68, 65. $XAU #BTC何时反弹？ #全球科技股抛售冲击风险资产