Gold Market Update: $5,000 Level Holds as XAUUSD Tests Critical Trendline Support
February 10, 2026. Gold prices are holding steady in early Tuesday trading, staying above the important $5,000 per ounce level.
Quick overview
- Gold prices are stabilizing above $5,000 per ounce after recent fluctuations, with Spot Gold trading between $5,024 and $5,038.
- The nomination of Kevin Warsh as the new Federal Reserve Chair is influencing market expectations for tighter monetary policy, impacting gold prices.
- Central banks, particularly the People's Bank of China, continue to buy gold, supporting its value amid global financial uncertainties.
- Analysts remain optimistic about gold's long-term prospects, with major institutions projecting price targets ranging from $4,900 to $6,300 for 2026.
February 10, 2026. Gold prices are holding steady in early Tuesday trading, staying above the important $5,000 per ounce level. After hitting record highs and then pulling back sharply at the start of the month, gold is now consolidating. Traders are watching a weaker US Dollar and the recent nomination of a new, more hawkish Federal Reserve Chair.
Market Snapshot: Spot Gold and Regional Premiums
Early today, Spot Gold (XAUUSD) is trading between $5,024 and $5,038, showing a small intraday drop of about 0.7%. This comes after a strong 2% jump on February 9, when gold moved back above $5,000.
Key Drivers: Why Gold is Stabilizing
Right now, gold prices are caught between long-term positive factors and short-term traders taking profits.
1. The “Warsh” Factor and Fed Policy
The nomination of Kevin Warsh as the next Federal Reserve Chair has made markets expect tighter monetary policy. His reputation for supporting higher interest rates caused a quick drop from the 2026 highs above $5,600, but buyers stepped in around $4,900 to $5,000. Now, investors are closely watching upcoming US retail sales and jobs data to see if the new Fed will raise rates.
2. Central Bank De-dollarization
The People’s Bank of China (PBoC) has been buying gold for 15 months in a row, and its reserves are now worth over $369 billion. This steady buying helps support gold prices, as central banks around the world look to reduce their reliance on the US Dollar due to growing financial risks.
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3. Geopolitical Safe-Haven Inflows
Ongoing tensions between the U.S. and Venezuela, along with new tariff threats on Europe, have kept investors cautious. Gold is still the main way to protect against what many analysts describe as a loss of confidence in traditional economic systems.
Technical Analysis: XAUUSD Testing the Rising Channel
On the 1-hour chart, gold is now testing support at a rising trendline.
- Support Zones: The immediate support cluster lies between $4,960 and $4,980, where the 50-hour and 100-hour moving averages are currently converging. A more significant horizontal floor is established at $4,900.
- Resistance levels: The first major challenge for buyers is at $5,095. If gold moves above this, it could rise again to $5,275.
- Momentum: The Relative Strength Index (RSI) is close to 50, which shows the market is neutral. Traders are waiting for the next big economic event.
2026 Outlook: Is $6,000 the Next Destination?
Even with recent price swings, most major financial institutions are still positive about gold for the rest of the year.
| Institution | 2026 Price Target (Avg/Peak) | Key Driver |
| J.P. Morgan | $5,055 – $6,300 | Structural diversification & ETF inflows |
| Wells Fargo | $6,300 | Accelerating policy surprises |
| Goldman Sachs | $4,900 (Base) | High upside if equity-to-gold shift occurs |
| UBP | $5,200 | Real interest rate normalization |
Analyst Insight: “While this rally will not be linear, the trends driving this rebasing are not exhausted. Gold is no longer just a commodity; it is acting as a premier debasement hedge against global debt levels.” — Global Commodities Strategy, J.P. Morgan.
Trading Idea
Short-term traders currently prefer a ‘buy-on-dip’ approach near the trendline support:
- Entry: Near $4,900 (Limit Order)
- Stop Loss: Below $4,850
- Target: $5,095
Risk note: Volatility remains high. Make sure to manage your margin requirements carefully to avoid liquidation during intraday price swings.
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