Copper price announced delaying the bullish trend by providing new negative closure below $5.9700 level, affected by stochastic negativity, forming some bearish corrective waves to settle near $5.7500.
The continuation of suffering negative pressures will increase the efficiency of the bearish corrective track in the near period, which makes us prefer targeting $5.6200 level, repeating the pressure on the extra support at $5.5100, forming confirmation key for the trend of the medium trading.
The expected trading range for today is between $5.6200 and $5.9200
Gold is experiencing some volatility in Thursday’s Asian trading, moving back and forth in a roughly $200 range. Traders now look forward to the US JOLTS Job Openings data and geopolitical developments between the US and Iran for a clear directional impetus.
Gold struggles amid mixed fundamentals
Gold settled flat near $4,950 on Wednesday after witnessing two-way business. Initially, the traditional safe haven rebounded firmly to test the $5,100 level on uncertainty over the US Federal Reserve’s (Fed) potential monetary policy outlook under Kevin Warsh. The Fed concerns undermined the US Dollar (USD) across the board.
Meanwhile, rekindled geopolitical tensions in the Middle East and between Russia and Ukraine also provided a much-needed relief to Gold buyers, alongside increased concerns over the economic data disruption caused by the US partial government shutdown that ended on Tuesday.
However, the tide turned against the USD in the American session on Wednesday, following the release of the US ISM Services PMI data, which showed signs of a pick-up in inflation. Further, the tech sell-off on Wall Street gathered steam and spooked markets, as investors ran to the world’s reserve currency, the Greenback, for some solace.
The sell-off in the Japanese Yen (JPY)due to increased fiscal and political concerns boosted the USD/JPY pair, in turn, lifting the USD.
This reversal in the USD, fuelled a sharp pullback in Gold, but dip buyers once again jumped in near the $4,950 psychological level.
In Thursday’s trading so far, Gold is back in the red, having faced rejection again above the $5,000 key resistance. The USD extends its upbeat momentum, clinching fresh two-week highs against its six major currency rivals, as market mood worsens amid a global tech sell-off.
A meltdown in global providers of data analytics, professional services and software followed Anthropic’s launch of plug-ins for its Claude Cowork agent on Friday, which raised concerns about AI-fuelled disruption to those industries, per Reuters.
Looking ahead, the delayed US JOLT Job Openings Survey could help Gold buyers cut their losses, especially if the data doubles down on two Fed rate expectations for this year.
However, if the JPY extends its downward spiral against the USD, Gold could see another bout of intense selling.
Gold price technical analysis: Daily chart
The 21-, 50-, 100- and 200-day Simple Moving Averages (SMA) all rise, with the 21-day above the longer ones, underscoring a firm bullish structure. Price holds above these gauges, keeping buyers in control. The 21-day SMA at $4,827.45 offers nearby support, while the 50-day sits at $4,532.68. The Relative Strength Index (14) stands at 52.58, neutral after easing from prior extremes, indicating momentum is consolidating.
The upward alignment of the SMAs supports a buy-on-dips stance while the price holds above the short-term average. A deeper pullback would bring the 100-day SMA at $4,271.21 into view, with the 200-day at $3,821.77 underpinning the broader trend. RSI holding above the 50 midline would keep the bullish bias intact, whereas a drop back below it could open room for a broader retracement.
(The technical analysis of this story was written with the help of an AI tool.)
Economic Indicator
JOLTS Job Openings
JOLTS Job Openings is a survey done by the US Bureau of Labor Statistics to help measure job vacancies. It collects data from employers including retailers, manufacturers and different offices each month.
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The GBPJPY pair benefited from providing bullish momentum by the main indicators, especially with stochastic reach towards 80 level, forming a strong bullish rally to surpass the barrier at 213.00, to settle above the bullish channel’s support at 213.55 level, to target some extra gains by reaching 214.30.
The stability above the bullish channel’s support will provide strong chance of recording extra gains; to expect to form initial target at 214.90 level and surpassing it might extend the trading in the near period towards 215.55 and 216.35.
The expected trading range for today is between 213.80 and 214.90
Platinum price benefited from positive stability above $1950.00 support, reinforcing the bullish scenario to rally $2275.00, achieving the initial suggested targets in the previous report.
No escape from forming new bullish waves, due to the bullish momentum by the main indicators, to expect its rally towards $2340.00, attempting to test $2425.00 resistance, forming a detecting key for the main targets in the upcoming period trading.
The expected trading range for today is between $2140.00 and $2400.00
Silver (XAG/USD) shows moderate gains on Tuesday, trading at $87.05 at the time of writing. The white metal found some footing after plummeting more than 30% in the previous two trading days, hitting one-month lows right below the $72.00 line.
Contrary to their usual behaviour, precious metals are recovering on Tuesday amid a brighter market sentiment. A trade deal between the US and India and news about upcoming nuclear talks with Iran have improved investors’ mood and are boosting demand for risky assets.
Technical Analysis: XAG/USD immediate resistance is at $88.00
XAG/USD has trimmed some losses, but technical indicators are still at levels highlighting a bearish momentum. The Moving Average Convergence Divergence (MACD) remains below the Signal line and the zero mark, while the negative histogram contracts toward zero. The Relative Strength Index (RSI) edges higher, hinting at ∑ unwinding negative pressure, but remains below the key 50 level.
On the upside, the pair is likely to meet resistance at Monday’s highs, in the $88.00 area. A confirmation beyond here would shift the focus towards the $100.00 round level and the intra-day resistance in the $104.00 area.
Support levels are at the $71.37 monthly low and below here, the early December highs, and mid-December lows in the $60.00 area.
(The technical analysis of this story was written with the help of an AI tool.)
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold’s. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold’s moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
The GBPJPY pair benefited from providing bullish momentum by the main indicators, especially with stochastic reach towards 80 level, forming a strong bullish rally to surpass the barrier at 213.00, to settle above the bullish channel’s support at 213.55 level, to target some extra gains by reaching 214.30.
The stability above the bullish channel’s support will provide strong chance of recording extra gains; to expect to form initial target at 214.90 level and surpassing it might extend the trading in the near period towards 215.55 and 216.35.
The expected trading range for today is between 213.80 and 214.90
New York, February 3, 2026, 13:52 EST — Regular session underway.
Natural gas prices held steady following a steep fall in the previous session, as traders adjusted their bets on weather risk.
Gas-linked stocks and funds followed the rebound, though the market remained uneasy over supply and demand cues.
LNG export headlines and the upcoming U.S. storage report will set the near-term tone.
U.S. natural gas prices climbed Tuesday, with shares of the United States Natural Gas Fund edging higher after a sharp drop the day before linked to warmer forecast updates. March Henry Hub futures gained about 2.6%, settling near $3.32 per million British thermal units (mmBtu). UNG shares rose 1.1% to $12.84 in afternoon trading. EQT Corporation and Cheniere Energy each added roughly 0.7%. (Barchart)
This shift is crucial as the gas market struggles to stabilize following a period of sharp, volatile moves. Weather models have regained their role as the key driver, and the tape remains unforgiving.
A Reuters report on Monday highlighted that rising output and demand are expected to ease later in February, despite the country facing another cold snap. LSEG put Lower 48 production at 106.6 billion cubic feet per day (bcfd) in early February, while projecting total demand—including exports—to drop from 159.3 bcfd this week to 147.1 bcfd next week. It also flagged near-record 30-day close-to-close volatility and noted Waha Hub cash prices slipping below zero again amid pipeline bottlenecks in the Permian Basin. (BOE Report)
Fuel challenges remained in the spotlight in the power market. PJM Interconnection projected generation outages of 25.72 gigawatts for Tuesday, rising sharply from Monday’s 19.96 GW. At the same time, eastern gas prices in Pennsylvania dropped to $3.79 per mmBtu for Tuesday delivery, down from $5.69 on Monday, according to Reuters. (Reuters)
Liquefied natural gas — LNG, chilled for shipment — has shifted recently. A January freeze knocked U.S. LNG exports down to 11.3 million metric tons from December’s 11.5 million, Reuters reported. This came after Freeport LNG partly went offline and Kinder Morgan’s Elba Island LNG terminal stopped taking feedgas, tapping rare cargoes from Trinidad and Tobago. (Reuters)
Commonwealth LNG announced Tuesday it signed a 20-year deal to deliver 1 million tonnes per year of LNG to Mercuria Energy Trading S.A., paired with a matching gas supply agreement. “These agreements mark a significant strategic partnership,” said David Lawler. Brian Falik added the deal aligns with Mercuria’s drive for “long-term, reliable LNG supply.” (PR Newswire)
The longer-term narrative centers on demand driven by export projects. Yet, in the near term, the market’s focused on the upcoming forecast update, the next production figures, and if LNG feedgas can withstand colder weather pressures.
The downside risk is straightforward. Should forecasts stay mild and output rebound fully, storage draws might ease, cash prices could weaken, and futures might lose their recent gains. But a new round of freeze-offs would change the game in an instant—the price moves have already proven how quickly that can happen.
Coming up next is the U.S. Energy Information Administration’s weekly natural gas storage report, set for February 5, 2026. This report tends to shake up prices whenever the data catches the market off guard. (Eia)
A partial US government shutdown interrupts the release of employment data.
US President Donald Trump announced a trade deal with India, reducing tariffs.
XAU/USD aims to resume its haven rally, $5,000 under assault.
Spot Gold managed to recover ground after falling sharply for two days in a row, trading well above the $4,900 mark in the American session on Tuesday. The US Dollar (USD) lost its recent momentum, although losses against other currencies are limited.
Market participants paused their early optimism amid fresh waves of uncertainty. On the one hand, the United States (US) Bureau of Labor Statistics (BLS) announced on Monday that it will not be publishing the usual employment reports given the US government’s partial shutdown. That means the BLS skipped publishing the JOLTS Job Openings report and will not release weekly employment figures or the January Nonfarm Payrolls (NFP) report on Friday.
On the other hand, trade tensions returned. The European Union signed a trade deal with India last week, prompting US President Donald Trump to announce a trade agreement with the Asian country. The new deal includes reduced tariffs from 25% to 18%, and India’s oil purchases to both the US and Venezuela, the latter in the hands of Trump.
Finally, market participants seem to be taking back bets that the upcoming US Federal Reserve (Fed) Chair, Kevin Warsh, will be utterly hawkish, as Trump demands. Indeed, Warsh has advocated for lower rates in the last few months, arguing that tech progress will boost growth without triggering worrisome inflation.
Ultimately, concerns remain the same, resulting in increased haven demand.
XAU/USD short-term technical outlook
From a technical point of view, the 4-hour chart for the XAU/USD pair shows it recovered above all its moving averages, currently struggling around a 20-period Simple Moving Average (SMA), the latter at $4,922. The 100-period and 200-period SMAs head modestly higher at $4,869 and $4,649, respectively. At the same time, the Momentum indicator resumed its advance but remains right below its midline, while the Relative Strength Index (RSI) indicator hovers at around 50, neutral, not enough to confirm another leg north.
In the daily chart, XAU/USD seems poised to extend its current recovery. The pair surged above all its moving averages, with the 20-day SMA climbing above the longer ones and currently at $4,802.57. At the same time, the technical indicators have bounced from around their midlines, with the RSI indicator currently at 56 and aiming north. A sustained advance pushing Gold through $5,000 is likely to anticipate a steeper upside extension.
(The technical analysis of this story was written with the help of an AI tool.)
Copper price activated with the temporary negative pressures yesterday, forming more corrective waves, hitting the previously waited target at $5.5100, facing an important support to bounce higher towards $5.8500.
The stability above $5.5100 level confirms the continuation of the bullish scenario, therefore, we will keep waiting for gathering extra bullish momentum, to ease the mission of its rally towards $59700, to press on the resistance at $6.2000.
The expected trading range for today is between $5.7100 and $6.0000
