US Treasury yields fall, gold prices stage a short-term V-shaped reversal
On Friday, February 10, spot gold continued to fall, currently trading around $1861 per ounce. After the initial jobless claims data was released in the US market on Thursday, spot gold briefly surged by more than $10, breaking through the $1890 mark, but quickly fell back below $1870, forming an inverted V-shaped reversal. The decline in US Treasury yields also provided support for gold. The 10-year Treasury yield fell 5.4 points to 3.595%. Currently, the weakening of the dollar against other major currencies is providing some support for gold, helping to boost the attractiveness of dollar-denominated precious metals. Market analysts said traders will wait for more US inflation data to be released next Tuesday for guidance on the next move in gold prices. As of the week ending January 28, continuing jobless claims were 1.688 million, an increase of 38,000 from the previous week's revised level. Although initial jobless claims were higher than expected last week, the data shows that initial jobless claims remain near their lowest level since April 2022, consistently below 200,000 for the past four weeks. Economists are closely watching the US labor market, as it is a major factor that could determine the direction of the Federal Reserve's monetary policy. Federal Reserve Chairman Powell said the Fed needs to see a weakening labor market before it can slow its aggressive monetary policy stance. So far, the US labor market has shown no signs of an imminent slowdown. Last week, the US Bureau of Labor Statistics said that 517,000 jobs were added last month. The US January CPI report will be released next Tuesday. For months, the rate of inflation has fallen faster than economists expected, and some inflation-related product traders are betting that overall inflation could fall to 2% in the coming months, a level that would be consistent with the Fed's target. Gold surged to 1890 in the US market yesterday but ultimately failed to break through and fell back; above 1890 is a strong resistance area. Before the trend completely changes, any gold rebound is an opportunity to short. Gold has fallen sharply, and the rebound is still a chance to short. As long as the trend hasn't changed, we should continue to short. Never chase ups and downs. Today, Friday, the technical levels for gold to watch are whether it can reach 1880-1885. This level is still the upper pressure of the current trading range. Once the market breaks through and stabilizes above this level, short-term bulls may take the opportunity to rally. On the downside, we will first focus on testing the lower edge of the trading range at 1860-1848. There is a possibility that the market will break directly below this level.
Time:
2023-02-13 08:24
On Friday, February 10, spot gold continued to fall, currently trading around $1861 per ounce. After the initial jobless claims data was released in the US market yesterday, spot gold briefly surged by more than $10, breaking through the $1890 mark, but quickly fell back below $1870, forming an inverted V-shaped reversal. The decline in US Treasury yields also provided support for gold. The 10-year Treasury yield fell 5.4 points to 3.595%. For now, the weakening of the dollar against other major currencies has provided some support for gold, helping to boost the attractiveness of dollar-denominated precious metals. Market analysts said traders will wait for more US inflation data to be released next Tuesday for guidance on gold prices future direction.
For the week ending January 28, continuing jobless claims totaled 1.688 million, an increase of 38,000 from the previous week's revised level. Although initial jobless claims were higher than expected last week, the data shows that initial jobless claims remain near their lowest level since April 2022, consistently below 200,000 for the past four weeks. Economists are closely monitoring the US labor market, as it is a major factor that could determine the direction of the Federal Reserve's monetary policy. Federal Reserve Chairman Powell said the Fed needs to see a weakening labor market before it can slow its aggressive monetary policy stance. So far, the US labor market has shown no signs of an imminent slowdown. Last week, the US Bureau of Labor Statistics said that 517,000 jobs were added last month. The US January CPI report will be released next Tuesday. For months, the rate of inflation has fallen faster than economists expected, and some inflation-related product traders are betting that overall inflation could fall to 2% in the coming months, a level that would be consistent with the Fed's target.
Gold surged to 1890 yesterday in the US market but ultimately failed to break through and fell back; above 1890 is a strong resistance area. Before the trend completely changes, any gold rebound is an opportunity to short. Gold has fallen sharply, and the rebound is still a chance to short. Before the trend changes, we should continue to short. Never chase ups and downs. Today, Friday, the technical levels for gold to watch are whether it can reach 1880-1885. This level is still the upper pressure of the current trading range. Once the price breaks through and stabilizes above this level, short-term bulls may take the opportunity to push prices higher. On the downside, we will first focus on testing the lower edge of the trading range at 1860-1848. There is a possibility that the price will break directly below this level.
Next Page
Related News
Gold prices continue to fluctuate.
Gold prices have shown a volatile pattern in the short term, affected by the weakening of the US dollar and changes in sentiment due to easing geopolitical tensions.
Gold prices rise again! Multiple risks fuel safe-haven demand.
From the perspective of the international market, the tense situation in the Middle East, the escalation of the Russia-Ukraine conflict, and the continued high uncertainty surrounding the US Trump administration's tariff policies have driven up gold prices due to increased risk aversion in the market. Furthermore, a significant recent change in the gold market is that gold has become the second-largest reserve asset for central banks globally. How should the future trend of gold prices be viewed? Several analysts have indicated that in the short term, gold prices may fluctuate due to factors such as tariff easing and sudden changes in the geopolitical situation; in the medium to long term, gold prices are still in an upward channel.
As the Russia-Ukraine conflict enters its third year, global attention is once again focused on this geopolitical crisis. According to Dow Jones Newswires, US President Donald Trump made startling remarks at the White House on Thursday (June 5), stating that neither Russia nor Ukraine is prepared for peace, and that both sides may "continue fighting" until one side is willing to compromise. This statement not only signals the failure of his attempts to broker peace, but also introduces new uncertainty to the global geopolitical and economic markets.
Recently, good news came from the China Machinery Metallurgy and Building Materials Workers' Technical Association. In the 2025 National Machinery Metallurgy and Building Materials Industry Workers' Technological Innovation Achievement Award, Shandong Guoda Gold Co., Ltd.'s "Purification of Crude Arsenic Flue Dust to Produce Arsenic Trioxide Industrial Application" and "Key Technology Application for High-Value Utilization of Complex Copper-Gold Ore Resources" projects won the first prize and the second prize respectively. This honor is a high recognition of the workers' technological innovation ability and the effectiveness of achievement transformation, and also fully demonstrates the company's outstanding strength in the industry.
Gold prices return to $3300! Wall Street banks show significant divergence in long-term outlook
In fact, as gold prices fluctuate, Wall Street's major banks have recently shown a clear divergence in their views on gold prices. Unlike Goldman Sachs and Deutsche Bank, which are optimistic about gold's performance, Citigroup believes that the long-term outlook for gold prices is not optimistic.
Although gold prices rose this week, market volatility has clearly increased. While the US-UK agreement is symbolic, its content is limited and insufficient to alleviate concerns about a global economic slowdown. Therefore, gold prices will continue to fluctuate between safe havens and policy signals, closely monitoring the Federal Reserve's interest rate expectations and global trade sentiment.