Metals Rally on Asia Demand | 9th February, 2026

Metals Rally Accelerates: Gold surges above $5,000 on strong China-led buying, while Silver holds near $80.50 on Japan reflation trades. AUD strengthens on hawkish RBA expectations, EUR benefits from a softer USD, and Asian policy support keeps regional FX stable. Commodities remain the dominant driver.
Moneta Markets | 270 hari yang lalu

Metals Rally Accelerates

Global markets trade with a constructive tone as precious metals surge on strong Asia-led demand. Gold jumps above the $5,000 mark amid renewed buying from China, while Silver holds firm near $80.50 as Japan-linked reflationary trades continue to gain traction. In FX markets, the Australian Dollar strengthens on a hawkish RBA outlook, the Euro benefits from a softer US Dollar, and regional currencies remain supported by ongoing policy guidance from China.

Gold (XAU/USD) Forecast

Current Price and Context

Gold has surged above the $5,000 mark as strong buying demand from China drives fresh upside momentum. Renewed interest from official and institutional buyers underscores gold’s role as a strategic hedge amid global policy uncertainty.

Key Drivers

    Geopolitical Risks: Persistent geopolitical uncertainty supports safe-haven demand.

    US Economic Data: Softer US data expectations weigh on real yields.

    FOMC Outcome: Reduced urgency for Fed tightening supports non-yielding assets.

    Trade Policy: Trade fragmentation reinforces diversification into gold.

    Monetary Policy: Central bank buying, particularly from China, remains a key structural driver.

Technical Outlook

    Trend: Strong bullish continuation.

    Resistance: $5,120

    Support: $4,920

    Forecast: Gold may extend gains while Asia-led demand remains firm.

Sentiment and Catalysts

    Market Sentiment: Strongly bullish.

    Catalysts: Central bank purchase data, US yields, Asia demand indicators.

 

 

Silver (XAG/USD) Forecast

Current Price and Context

Silver is holding gains near $80.50, supported by Japan-led reflationary trades and rising expectations of stronger industrial and investment demand.

Key Drivers

    Geopolitical Risks: Broader uncertainty sustains precious metals demand.

    US Economic Data: Cooling growth expectations favor metals.

    FOMC Outcome: Dovish Fed expectations underpin silver prices.

    Trade Policy: Global supply chain realignments support industrial demand outlook.

    Monetary Policy: Japan’s reflation narrative boosts precious and industrial metals.

Technical Outlook

    Trend: Bullish with consolidation.

    Resistance: $82.00

    Support: $78.40

    Forecast: Silver may attempt further upside if reflation trades persist.

Sentiment and Catalysts

    Market Sentiment: Bullish.

    Catalysts: Japan macro signals, risk sentiment, gold price direction.

 

 

EUR/USD Forecast

Current Price and Context

EUR/USD is pushing toward the 1.1830–1.1835 zone as US Dollar weakness persists, with market focus shifting toward delayed US Nonfarm Payrolls data.

Key Drivers

    Geopolitical Risks: Reduced immediate risk supports selective EUR demand.

    US Economic Data: Delayed NFP keeps USD on the defensive.

    FOMC Outcome: Growing expectations of Fed patience support EUR upside.

    Trade Policy: Trade stability offers modest support to Eurozone sentiment.

    Monetary Policy: Fed-ECB policy divergence remains a limiting factor.

Technical Outlook

    Trend: Mild bullish bias.

    Resistance: 1.1860

    Support: 1.1760

    Forecast: EUR/USD may consolidate near highs while awaiting US data clarity.

Sentiment and Catalysts

    Market Sentiment: Cautiously bullish.

    Catalysts: US NFP data, Fed commentary, Eurozone releases.

 

 

USD/CNY Forecast

Current Price and Context

USD/CNY remains stable as policy support continues to anchor regional FX markets, according to MUFG. Managed currency guidance limits volatility despite broader global shifts.

Key Drivers

    Geopolitical Risks: External tensions remain a background consideration.

    US Economic Data: USD softness has limited impact due to policy management.

    FOMC Outcome: Fed uncertainty influences offshore pricing.

    Trade Policy: Trade normalization efforts support stability.

    Monetary Policy: PBOC guidance remains the primary anchor for USD/CNY.

Technical Outlook

    Trend: Sideways and controlled.

    Resistance: 6.9850

    Support: 6.9400

    Forecast: USD/CNY is expected to trade within a narrow, policy-driven range.

Sentiment and Catalysts

    Market Sentiment: Neutral and policy-dependent.

    Catalysts: Daily PBOC fixings, China policy updates.

 

 

AUD/USD Forecast

Current Price and Context

AUD/USD has climbed above the 0.7000 level as a hawkish tone surrounding the RBA outlook boosts demand for the Australian Dollar amid stronger commodity prices.

Key Drivers

    Geopolitical Risks: Reduced risk aversion supports high-beta currencies.

    US Economic Data: USD softness aids AUD upside.

    FOMC Outcome: Expectations of Fed patience favor AUD.

    Trade Policy: China-linked trade dynamics remain supportive.

    Monetary Policy: Hawkish RBA expectations underpin strength.

Technical Outlook

    Trend: Bullish continuation.

    Resistance: 0.7080

    Support: 0.6950

    Forecast: AUD/USD may extend gains if RBA expectations remain firm.

Sentiment and Catalysts

    Market Sentiment: Bullish.

    Catalysts: RBA commentary, commodity prices, China-related data.

 

 

Wrap-Up

Overall, metals remain firmly in focus as sustained Asian demand reshapes price dynamics across gold and silver. While foreign exchange markets reflect selective strength tied to central bank expectations and policy support, the dominant narrative remains commodity-led. With Asian demand signals, central bank guidance, and upcoming macro data in focus, market participants are likely to remain attentive to further momentum in precious metals.

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