On February 4, 2026 (GMT-5), XAU/USD delivered a strong V-shaped recovery and advanced sharply higher, fueled by growing safe-haven demand, increasing market expectations for Federal Reserve rate cuts in 2026, ongoing global geopolitical tensions, and broad-based weakness in the U.S. dollar. Starting the session near $4,920, gold rallied decisively to break above $5,050, recording an intraday trading range of approximately $4,905 to $5,090, and closed near the session high with an increase of around 6.2%. The upward move was supported by solid institutional buying, short covering, continued central bank reserve diversification, and technical buying following the break of key resistance levels, which offset near-term overbought conditions. Looking ahead, the short-term market bias turns bearish, with a target price of 4868.32 for the next trading session.
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