January 9, 2026 Spot Gold Morning Review

Safe-haven demand and data battles amid high-level fluctuations, weak ADP data supports gold rebound

Yesterday, spot gold overall showed a pattern of rising then falling, with a slight rebound at the close, narrowing the decline. Intraday volatility was intense. It opened near $4460/oz, and during the Asian session, influenced by passive fund selling triggered by the Bloomberg Commodity Index weight adjustment, prices quickly dropped, reaching a low of $4415.29/oz. Subsequently, during the European and U.S. sessions, prices remained low and volatile. In the evening, U.S. December ADP employment added 41,000 jobs, below the expected 50,000, reinforcing market expectations of rate cuts, which supported a rebound in gold prices, closing at $4455.27/oz, down 0.86%.

The annual weight adjustment of the Bloomberg Commodity Index led passive funds to reduce their holdings of gold, combined with profit-taking from previous gains, forming the main selling pressure. However, weak U.S. ADP employment data boosted expectations of Fed rate cuts, providing support for gold. The decline narrowed at the end of the session, along with geopolitical risks from Venezuela and Greenland-related comments, as well as China’s central bank’s continued gold accumulation, which provides long-term support for gold prices and limits the extent of correction.

The daily chart shows a long lower shadow small bearish candle, indicating strong support around $4420/oz. The short-term moving average has a death cross, indicating short-term pressure; however, gold remains above the upward trendline, with the middle-upper Bollinger Band trending upward. The bullish structure remains intact, and after short-term consolidation, there is still upward momentum.

Morning Trading Strategy

Long Strategy: During the pullback to the $4430-4450 range, gradually build long positions, with a stop-loss below $4410, the key support level. Target initially at $4495-4505, with potential extension to $4550 after breakout.

Short Strategy: When rebounding to $4490-4500 encounters resistance, try light short positions, with a stop-loss above $4510. Target lower at $4450-4430. If it breaks below $4410, add to short positions accordingly.

The above is personal advice for reference only and does not constitute investment advice. Please follow Jing Sheng Shi Pan’s layout for specific guidance.