Gold (XAU/USD) is trimming some losses on Friday, trading near $4,880 at the time of writing, after bounding from lows at $4.655 during the Asian session. A risk-averse market mood is providing some support to precious metals, although the US Dollar’s strength is keeping upside attempts limited for now.

Gold drew some support from weak US employment data released earlier this week, which has reactivated pressure on the Federal Reserve to ease borrowing costs further. Beyond that, investors have turned averse to risk, following a three-day sell-off on Wall Street that has spilled over into Forex markets, increasing demand for safe havens like Gold.

Technical Analysis. Potential Garltey pattern aiming to $5,340

The 4-hour chart shows XAU/USD trading at $4,876, capped below the 100-period Simple Moving Average (SMA), but with technical indicators suggesting an improving momentum. The Moving Average Convergence Divergence’s (MACD) negative histogram is contracting, and the MACD line seems about to close above the signal line. The Relative Strength Index has reached a neutral area coming from bearish levels.

The immediate trend remains negative, but Thursday’s higher low gives some hope for bulls. The upward turning indicators suggest that the pair would be in a CD leg of a Gartley pattern, aiming towards the 78.6% Fibinacci resistance of last week’s sell off, at $5,340.

Before that, however, the precious metal is likely to find resistance at the mentioned 100-period SMA, now around $4,920, and at the weekly high, in the area of $5,100. Support levels are at session lows of $4,655, and Monday’s low, at the $4,400 area.

(The technical analysis of this story was written with the help of an AI tool.)

Silver price (XAG/USD) pares its daily losses, yet remains in the negative territory, trading around $80.50 per troy ounce during the early European hours on Thursday. Silver price plunged as much as over 16% as precious metals faced renewed selling pressure amid hawkish signals from the Federal Reserve (Fed) and easing geopolitical tensions.

Fed Governor Lisa Cook said she would not back another cut without clearer evidence that inflation is easing, stressing greater concern over stalled disinflation than labor market weakness. Investors also weighed the implications of Kevin Warsh’s nomination as Fed chair, citing his preference for a smaller balance sheet and a less aggressive approach to rate reductions.

Safe-haven demand for precious metals, including Silver, fades after Iran confirmed it would hold talks with the United States (US) in Oman on Friday. However, Silver prices gained ground on media reports suggesting the talks might collapse, but officials from both sides later said discussions would proceed as scheduled, even though the agenda remains unsettled.

Iranian Foreign Minister Abbas Araghchi said talks will be held in Oman on Friday, while a White House official confirmed continued engagement on a potential nuclear deal. Uncertainty persists over the scope, with Tehran aiming to limit discussions to its nuclear program and Washington seeking to include missiles, regional militancy, and human rights.

The dollar-denominated grey metal also fell as a stronger US Dollar (USD), driven by hawkish Fed signals and slower rate-cut expectations, weighed on the Silver price. A firmer Greenback raises Silver’s cost for non-US buyers, dampening demand, while higher US yields increase the opportunity cost of holding non-yielding metal.

XAU/USD Current price: $4,881

• United States employment-related data came in worse than anticipated.
• The Bureau of Labor Statistics will resume publishing first-tier data next week.
• XAU/USD retains a modest bearish bias in the near-term.

Spot Gold changed direction on Thursday, trimming a good chunk of its recent gains. The XAU/USD pair trades around $4,880 in the American afternoon, after briefly surpassing the $5,000 mark during Asian trading hours. It is the third consecutive day on which the bright metal fails to sustain gains above the critical threshold, a discouraging sign for buyers.

Gold retreats despite Wall Street trading in the red, suggesting increased risk aversion. At the same time, the US Dollar (USD) maintains its positive tone, despite weak United States (US) employment-related data. Initial Jobless Claims for the week ended January 31 unexpectedly rose to 231K, while JOLTS Job Openings stood at 6.542 million on the last business day of December, down from the downwardly revised November figure of 6.928 million.

Following the latest monetary policy meeting, Federal Reserve (Fed) officials noted that “Job gains have remained low, and the unemployment rate has shown some signs of stabilization,” indicating less concern about the sector’s situation. The recently released figures are consistent with policymakers’ statements and are expected to have little impact on monetary policy in the near term.

Other than that, the US Bureau of Labor Statistics (BLS) announced that, following the partial government shutdown, it will resume releasing data. The Nonfarm Payrolls (NFP) report and Consumer Price Index (CPI) figures will be out next week.

XAU/USD short-term technical outlook

The near-term picture for XAU/USD is bearish. The 4-hour chart shows the 20-period Simple Moving Average (SMA) and the 100-period SMA converging around $4,901, providing near-term resistance. At the same time, a modestly bullish 200-period SMA acts as support at $4,673. The Momentum indicator aims lower around its midline, still neutral, while the Relative Strength Index (RSI) indicator hovers at around 46, lacking clear directional strength yet supporting the bearish case.

In the daily chart, XAU/USD trades above a bullish 20-day SMA, which continues heading higher above the 100- and 200-day ones, limiting the bearish case. The 20-day SMA at $4,846.70 and intraday dips below it continue to attract buyers. Finally, technical indicators hold above their midlines but resumed their declines, reflecting buyers’ discouragement.

(The technical analysis of this story was written with the help of an AI tool.)

Silver price (XAG/USD) plunged over 10% after two days of gains, trading around $77.00 per troy ounce during the Asian hours on Thursday. Silver prices fall as precious metals face renewed selling pressure and increased volatility.

Dollar-denominated precious metals, including Silver lose ground amid a stronger US Dollar (USD), fueled by hawkish signals from the Federal Reserve (Fed) and expectations of a slower pace of US rate cuts.

Fed Governor Lisa Cook said she would not back another cut without clearer evidence that inflation is easing, stressing greater concern over stalled disinflation than labor market weakness.

Investors also weighed the implications of Kevin Warsh’s nomination as Fed chair, citing his preference for a smaller balance sheet and a less aggressive approach to rate reductions. Meanwhile, US President Donald Trump said he would not have nominated Warsh if he favored rate hikes. Trump further stated that there was “not much” doubt the US central bank would lower rates because “we’re way high in interest,” but now “we’re a rich country again.”

The safe-haven demand for Silver fades amid geopolitical tensions, which eased after the US and Iran are set to hold a new round of talks on Friday, though the agenda remains unclear. Tehran aims to limit discussions to its nuclear program, while Washington wants to include ballistic missiles, regional militant support, and human rights concerns.