February 23, 2026 Spot Gold Morning Analysis

Cheng Jingsheng wishes everyone a Happy New Year in the Year of the Horse, a great start to work, and smooth investments!

Last week, gold first experienced volatility and then surged significantly, breaking through $5100 on Friday and closing with a large bullish candle, indicating that the bulls are in full control. Tensions in the Middle East, rising expectations of Federal Reserve rate cuts, a weakening dollar and US Treasury yields, and funds flocking into gold, along with central banks continuously buying gold to support the market.

The daily chart shows a strong bullish candle above $5100, clearly indicating an upward trend; short-term support is at $5050-$5070, with resistance at $5140-$5170. As long as key support is not broken, avoid rushing to short.

Trading suggestions: conservative traders can buy on dips at $5070-$5050 in batches, with a stop loss below $5020. First target is $5140, and if broken, then $5170. Aggressive traders can take light positions early in the session and follow the trend, but do not chase highs and strictly set stop losses. This week, focus on Federal Reserve speeches and data releases, follow the trend, and avoid overleveraging.

The above is only personal advice for reference and does not constitute investment guidance. Please follow Cheng Jingsheng's strategic layout for specifics!$XAU #XAU