Gold keeps climbing due to active buying on dips

Gold recovered at the start of this week after a volatile two-session corrective phase. Early trading on February 9 revealed predominantly bullish sentiment, keeping prices close to the psychologically important level of $5,000 per ounce.

The technical picture on the daily chart confirms gold’s recovery. Bollinger Bands are narrowing, while quotes are chilling above the middle line, signaling that the uptrend continues to gain momentum.

The Chaikin Oscillator remains in positive territory, aiming at higher levels. This suggests accumulation from institutional investors. It is important to note that the indicator did not dip into the negative zone during the previous correction, implying strong underlying support for bullion.

However, the Stochastic Oscillator brings some uncertainty to the table. Its %K and %D lines have recently crossed from below—a clear bullish sign. The absence of divergence confirms that the current trend is steady, but overbought territory is in sight and may cap further growth.

In the meantime, fundamental factors continue to sing in favor of the key precious metal. Global regulators—particularly the People’s Bank of China—have increased their gold reserves for 15 months in a row, bolstering demand. Geopolitical tensions between the United States and Iran, despite the planned negotiations in Oman, remain elevated. This is another factor that urges investors to diversify their portfolios and look for safe havens.

The market is still digesting the late-January speculative frenzy. As a result, gold is consolidating between $4,500 and $5,100, as it seeks for a new equilibrium between robust physical demand and reduced leveraged positions.

Looking ahead to the week of February 16, technical indicators are forming a consistent bullish signal. However, upcoming US employment and inflation data could temporarily increase volatility.

Consider the following trading strategy:

Buy gold on pullbacks to the $5,000–$4,970 range. Place Take profit at $5,250 and Stop loss at $4,850.

This forecast is valid from February 9 till February 16, 2026.