ETO Markets Global Pulse: Gold Reverses After 3% Spike, Volatility Stays High

Market Review

According to ETO Markets monitoring, on Feb 4 (Wednesday), spot gold surged more than 3% intraday, briefly hitting USD 5,091.63/oz, before reversing sharply and dipping to around USD 4,853/oz. Volatility expanded significantly, with gold eventually closing marginally higher by 0.3% at USD 4,963.59/oz.

During early Asian trading on Feb 5 (Thursday), precious metals came under renewed pressure. Spot silver dropped over 7%, falling below USD 82/oz, while spot gold slipped below USD 4,950/oz, extending its short-term pullback.

Global Headlines

U.S.–Iran Nuclear Talks Back On Track

Following urgent mediation by several Middle Eastern countries, the United States agreed to proceed with the U.S.–Iran nuclear talks scheduled for Feb 6 in Oman. Diplomatic efforts focused on preventing further escalation after earlier disagreements over the meeting venue.

U.S., Japan and EU Form Critical Minerals Alliance

The United States, Japan and the European Union announced plans to sign a memorandum of understanding within 30 days to strengthen critical minerals supply chains. Cooperation will span mining, recycling, processing and refining, with potential coordination on trade policy, pricing mechanisms and long-term offtake agreements.

Rubio Says Ukraine–Russia Talks Show Progress

U.S. Secretary of State Marco Rubio said negotiations between Ukraine and Russia have made some progress, though core disagreements remain unresolved and are unlikely to see a near-term breakthrough.

U.S. Labor Data Releases Delayed

The U.S. Bureau of Labor Statistics announced delays to January employment and inflation data. The January nonfarm payrolls report is now scheduled for Feb 11, while CPI data will be released on Feb 13, adding uncertainty to near-term data assessment.

ETO Markets Analyst View (Spot Gold)

From a technical perspective, spot gold remains within its medium-term upward channel. USD 4,885/oz serves as a key near-term pivot. As long as prices hold above this level, the structure favors range-bound strength, with upside levels near USD 5,090 and USD 5,240 in focus. A decisive break below USD 4,885 could open the door to a deeper pullback toward USD 4,745 and USD 4,620.

RSI signals show early signs of stabilization, though volatility remains elevated. Overall, amid geopolitical uncertainty, critical resource themes and shifting liquidity expectations, golds medium-term pricing logic remains intact. Current price action is better viewed as a phase of high-level rebalancing rather than trend reversal, with careful risk and pace management advised.

Disclaimer

The information contained herein is for general reference only and does not constitute investment advice, a solicitation, or an offer to buy or sell any financial products.

ETO Markets does not guarantee the accuracy, completeness, or timeliness of the information and shall not be liable for any losses incurred from reliance on such content.