Gold market analysis

"Gold Prices Expected to Fluctuate in the Short Term" 10/2/2026 10:30 Completed 

Spot gold prices, as expected, formed a double top pattern on the hourly chart. Yesterday, gold prices opened with a gap higher and then consolidated sideways above $4,980. In the early part of New York trading, it broke above the Asian session's high of $5,046.79 and reached a high of $5,085.92 towards the end of the New York session before reversing and falling. In the early part of today's Asian session, it dropped to a low of $4,987.87. Technically, this forms a double top with the high of $5,092.31 on February 4th. It also indicates that the resistance at $5,100 and $5,110 (which is at the 135-degree angle of the Gann Square) is very strong. 

In the short term, gold prices are likely to fluctuate around the $5,100 mark. Additionally, gold prices dropped below the 20SMA on the hourly chart (currently around $5,035.5) this morning, but have since gradually rebounded and temporarily returned above this line. However, a break above the top of the large bearish candle at $5,076.45 is necessary for another attempt to challenge $5,100. Otherwise, it is still regarded as a rebound within a descending flag pattern. From the double top formation on the hourly chart, $4,654.86 is seen as the neckline support, which is lower than the 61.8% retracement target of the previous uptrend at $4,664.35, indicating a weak trend in gold prices. 

The risk factor that may exert short-term pressure on the gold price is believed to be the January non-farm payroll report to be released by the US Department of Labor tomorrow. The market expects an increase of 70,000 jobs, far exceeding the 50,000 in December, and the unemployment rate is expected to remain at 4.4%. Therefore, it is unlikely that the gold price will break through the double top on the hourly chart before the data release. Unless the US employment data is disappointing, the gold price is expected to fluctuate between $4,960 at the 90-degree angle of the Gann Square and $5,110 at the 135-degree angle in the short term. 

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