Gold Corrects from Surge, Market Cautious Ahead of US Data
Gold prices weakened in trading today, Tuesday (February 10), after a strong rally the previous day. Pressure emerged as market participants began to "put on the brakes" and hold positions ahead of a series of important economic data from the United States, which could potentially change expectations about the direction of the Fed's interest rate.
This weakening was also triggered by a classic combination: profit-taking after gold surged around 2% last Monday, coupled with a slight strengthening of the dollar in the Asian session. When the dollar strengthens, gold (priced in USD) automatically feels more expensive for non-US buyers, so buying momentum tends to slow.
The market's focus now turns to US data scheduled for release this week—particularly the January 2026 Employment Situation (NFP) on Wednesday (February 11, 2026) and the January 2026 CPI (inflation) on Friday (February 13, 2026). These two data sets typically serve as "tone-setters" for the Fed's projections, so it's natural for gold to be more volatile before their releases.
However, today's pressure hasn't erased the big story: gold remains above the psychological $5,000 level and remains in a phase of high volatility since its major rally in late January. Reuters noted that gold briefly hit a record on January 29 before experiencing a sharp correction, and daily movements are now largely influenced by changes in interest rate sentiment and short-term speculative positioning.
From a global market perspective, the risk-on atmosphere has also limited safe-haven interest. Asian markets rose—led by Japan's record-setting performance—while investors returned to technology stocks after the previous turmoil. When risk appetite improves, some capital flows typically temporarily exit gold.
Technically: The $5,000 Area Becomes a "Psychological Level"
Technically, traders' attention is focused on two key zones. First, the $5,000 support level—as long as this level is held, weakness is often interpreted as a healthy correction after a rally. Second, the $5,087–$5,100 resistance area, which has repeatedly acted as a barrier when prices have tried to extend their gains.
In conclusion, today's gold weakness appears more like a combination of profit-taking, market anticipation of US data, and a tug-of-war between risk-on sentiment, rather than a sudden major trend change. The next direction will likely become clearer after US employment and inflation data are released this week.
Source: Newsmaker.id
