Midnight analysis of spot gold on January 29, 2026

After falling more than 400 points, a sharp decline will meet a sharp rise

Spot gold plummeted more than 400 points from a high of 5598 during the day, and the current price approached the 5180 mark, and the extreme stampede made the market exclaim. But it needs to be clear: this plunge is a short-term correction of the concentrated exodus of super profit orders and the resonance of the midnight liquidity gap, and it is by no means a bull market collapse, and the technical repair law of "sharp decline must rise sharply" is quietly taking effect.

The core logic supporting the sharp rise remains unchanged: global central bank gold purchases continue to set new records, and UBS predicts that gold purchases will reach 950 tons in 2026, building a solid bottom of physical demand; The weakening of the US dollar credit system and geopolitical risks have not been eliminated, and the long-term allocation value of gold has been highlighted. From the perspective of historical laws, after falling more than 3% in a single day, gold has a probability of rebounding more than 80% in the short term, after quickly recovering lost ground after plummeting in October 2025.

Technically, the 5150-5180 range is a strong support band, and the bearish power is exhausted after the overfall, and the bottom-buying funds are waiting for an opportunity to enter. Midnight operations need to abandon panic, do not chase shorts, do not blindly cut meat, near 5180 can be light to test long, stop loss below 5140, and the target is directly at the 5280-5300 rebound resistance level.

The sharp decline is a short-term emotional release, the long-term rise logic is stable, and there must be a strong repair after the midnight shock, and it is a rational choice to seize the opportunity to get on the car after the pullback.

The above is only a personal suggestion, for reference only, does not constitute an investment basis, please refer to the layout of Cheng Jingsheng Shipan for details! $XAUT ‌#XAU