Gold and silver prices are under slight pressure.
2026-02-10 23:19:02
Gold and silver prices weakened slightly in early U.S. trading on Tuesday (February 10). The precious metals market entered a consolidation phase, influenced by Wednesday's U.S. non-farm payroll report and several inflation data releases later this week. Current geopolitical tensions, though not escalating further, are providing safe-haven support for precious metals, limiting selling pressure. April gold futures were last quoted down $19.60 at $5060.20 per ounce; March silver futures fell $0.679 to $81.691 per ounce.
Trump claims that Warsh's leadership of the Federal Reserve will drive US GDP growth to 15%.
US President Trump stated that his nominee for Federal Reserve Chairman, Kevin Warsh, has the potential to drive the US economy to a 15% growth rate. While this target is overly optimistic, it highlights the immense pressure Warsh will face if appointed. Trump stated that Warsh was his second choice in the last round of Fed Chair selection, and that choosing Powell for the position was a major mistake. Trump indicated that if Warsh performs his duties to the best of his ability, the US economy could grow at 15%, or even higher, and he considers Warsh an exceptionally capable and outstanding candidate. It is currently unclear whether Trump is referring to year-on-year growth or some other statistical method. Data shows that the market expects the US economy to grow by 2.4% this year, while the average annual growth rate of the US economy over the past fifty years has been 2.8%.
China requires financial institutions to restrict their purchases of US Treasury bonds.
On Tuesday, the offshore yuan rose to 6.9 against the dollar, a 34-month high. This followed Chinese regulators' directive for banks to strictly control their exposure to US Treasury bonds, a key driver of the yuan's strength. Concerned about concentration risk and to mitigate the impact of uncertainty surrounding US economic policy, regulators advised financial institutions to control their US Treasury holdings and reduce excessively high exposures. This adjustment reflects a global trend of reducing dollar-denominated assets and has led to market expectations of a gradual structural shift in China's monetary policy.
Intelligence report: Russia is "delaying the issue" in peace negotiations.
An assessment report by Estonia's Foreign Intelligence Service stated that Russia is using the ceasefire negotiations in Ukraine as a "manipulation tool" and has no genuine intention to end its military operations.
The core objective of the Russian government is to restore full diplomatic relations with the United States. This move would create conditions for Russian business elites to travel to the US via direct flights and obtain visas, while also facilitating their espionage and influence operations. Even with ongoing military action against Ukraine, Russia is highly likely preparing for future conflict; even if a peace agreement is reached between Russia and Ukraine, Russia's military-industrial complex will continue to pose a threat to its neighboring countries.
Key market performance today: The US dollar index rose slightly, crude oil prices edged up, currently trading at $64.50 per barrel; the benchmark 10-year US Treasury yield is currently at 4.1%.
(COMEX Gold Daily Chart Source: FX678)
From a technical perspective, the next upside target for April gold futures bulls is a closing price above the key resistance level of $5,250; the short-term downside target for bears is to push futures prices below the important technical support level of $4,423.20, the low of February. The first resistance level for gold futures is last week's high of $5,113.90, with further resistance at $5,200; the first support level is this week's low of $4,988.60, with further support at $4,900.
For March silver futures, the next upside target for bulls is a close above the key resistance level of $92.015, last week's high; for bears, the short-term downside target is a close below the important support level of $60. The first resistance level for silver futures is the overnight high of $83.745, with further resistance at $85; the first support level is this week's low of $83.76, with further support at $82.
Note: The gold market operates primarily through two pricing mechanisms: the spot market, which is a market for immediate buying and selling and immediate delivery; and the futures market, which determines the price of gold for delivery on a future date. Due to year-end position adjustments and market liquidity, the most actively traded gold futures contract on the Chicago Mercantile Exchange is currently the December contract.
Trump claims that Warsh's leadership of the Federal Reserve will drive US GDP growth to 15%.
US President Trump stated that his nominee for Federal Reserve Chairman, Kevin Warsh, has the potential to drive the US economy to a 15% growth rate. While this target is overly optimistic, it highlights the immense pressure Warsh will face if appointed. Trump stated that Warsh was his second choice in the last round of Fed Chair selection, and that choosing Powell for the position was a major mistake. Trump indicated that if Warsh performs his duties to the best of his ability, the US economy could grow at 15%, or even higher, and he considers Warsh an exceptionally capable and outstanding candidate. It is currently unclear whether Trump is referring to year-on-year growth or some other statistical method. Data shows that the market expects the US economy to grow by 2.4% this year, while the average annual growth rate of the US economy over the past fifty years has been 2.8%.
China requires financial institutions to restrict their purchases of US Treasury bonds.
On Tuesday, the offshore yuan rose to 6.9 against the dollar, a 34-month high. This followed Chinese regulators' directive for banks to strictly control their exposure to US Treasury bonds, a key driver of the yuan's strength. Concerned about concentration risk and to mitigate the impact of uncertainty surrounding US economic policy, regulators advised financial institutions to control their US Treasury holdings and reduce excessively high exposures. This adjustment reflects a global trend of reducing dollar-denominated assets and has led to market expectations of a gradual structural shift in China's monetary policy.
Intelligence report: Russia is "delaying the issue" in peace negotiations.
An assessment report by Estonia's Foreign Intelligence Service stated that Russia is using the ceasefire negotiations in Ukraine as a "manipulation tool" and has no genuine intention to end its military operations.
The core objective of the Russian government is to restore full diplomatic relations with the United States. This move would create conditions for Russian business elites to travel to the US via direct flights and obtain visas, while also facilitating their espionage and influence operations. Even with ongoing military action against Ukraine, Russia is highly likely preparing for future conflict; even if a peace agreement is reached between Russia and Ukraine, Russia's military-industrial complex will continue to pose a threat to its neighboring countries.
Key market performance today: The US dollar index rose slightly, crude oil prices edged up, currently trading at $64.50 per barrel; the benchmark 10-year US Treasury yield is currently at 4.1%.
(COMEX Gold Daily Chart Source: FX678)
From a technical perspective, the next upside target for April gold futures bulls is a closing price above the key resistance level of $5,250; the short-term downside target for bears is to push futures prices below the important technical support level of $4,423.20, the low of February. The first resistance level for gold futures is last week's high of $5,113.90, with further resistance at $5,200; the first support level is this week's low of $4,988.60, with further support at $4,900.
For March silver futures, the next upside target for bulls is a close above the key resistance level of $92.015, last week's high; for bears, the short-term downside target is a close below the important support level of $60. The first resistance level for silver futures is the overnight high of $83.745, with further resistance at $85; the first support level is this week's low of $83.76, with further support at $82.
Note: The gold market operates primarily through two pricing mechanisms: the spot market, which is a market for immediate buying and selling and immediate delivery; and the futures market, which determines the price of gold for delivery on a future date. Due to year-end position adjustments and market liquidity, the most actively traded gold futures contract on the Chicago Mercantile Exchange is currently the December contract.
- Risk Warning and Disclaimer
- The market involves risk, and trading may not be suitable for all investors. This article is for reference only and does not constitute personal investment advice, nor does it take into account certain users’ specific investment objectives, financial situation, or other needs. Any investment decisions made based on this information are at your own risk.
